Stanford International Bank, et al.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21476 / April 2, 2010

Securities and Exchange Commission v. Stanford International Bank, et al., Case No. 3-09CV0298-L (N.D.TX.)

SALE OF STANFORD ENTITIES IN PANAMA SECURES MORE THAN $14.2 MILLION FOR BENEFIT OF STANFORD VICTIMS

The Securities and Exchange Commission announced today that approximately $14.2 million has been secured for the benefit of the worldwide victims of R. Allen Stanford's alleged multi-billion dollar fraud scheme. The Receiver expects these funds to be returned to the receivership estate by June 2010.

This recovery was accomplished by the extensive cooperation between SEC staff and other regulatory authorities in multiple jurisdictions and the court-appointed Receiver in the Commission's enforcement action against R. Allen Stanford and others. As a result of these efforts, the Receiver was able to close on a sales contract of certain Stanford-related entities located in Republic of Panama to third party purchasers, with the sale proceeds provided to the receivership estate.

R. Allen Stanford is the sole stockholder of an entity that wholly owned a bank and brokerage business in Panama City, Republic of Panama, known as Stanford Bank (Panama) S.A. (SPB) and Stanford Casa de Valores, S.A. (SCV). On February 17, 2009, after the Commission filed its enforcement action against R. Allan Stanford and others, the Superintendencia de Bancos de Panamƒ¡, the Panamanian banking regulator, and the Comisiƒ³n Nacional de Valores, the Panamanian securities regulator, assumed control, operation and subsequent reorganization of SBP and SCV, with a perspective of bringing those entities under new ownership and reopening them

Ultimately, with the approval of the Superintendencia de Bancos de Panamƒ¡, the Receiver negotiated and concluded a contract to sell SBP, SCV and certain other assets in Panama to the third party purchasers. This contract specifically conditioned the sale on the approval of the U.S. Court, and the unfreezing of SBP accounts in foreign jurisdictions in which SBP depositor accounts were located. In order to help ensure that the sale would be made possible, Commission staff in the Office of International Affairs and in the Division of Enforcement worked closely with the Receiver and with authorities in Panama and other jurisdictions, including Switzerland and the United Kingdom.

The sale of SBP and SCV was approved by United States District Judge David C. Godbey, Northern District of Texas, on February 10, 2010 and the sales contract was closed on March 31, 2010. The Commission acknowledges the assistance and cooperation of the Superintendencia de Bancos de Panamƒ¡, Comisiƒ³n Nacional de Valores, the Federal Office of Justice of Switzerland, the Federal Prosecutor's Office of Switzerland, the Financial Services Authority of the United Kingdom and the U.S. Department of Justice in connection with this matter.

The SEC's investigation is continuing.

See also Litigation Release No. 20901 (February 17, 2009) and Litigation Release No. 21092 (June 19, 2009).