Panama’s
Stanford Bank Taken Over by Regulator
Panama - Stanford Bank (Panama) SA, an affiliate of Stanford
Financial Group, was taken over by government regulators, the
Panamanian daily, La Prensa said, citing an interview with Ramon
Martinez Stagg, the unit’s executive president.
Clients will be allowed to withdraw funds and the bank’s assets will
by put under administrative control of the country’s bank
superintendent, the Panama City-based newspaper reported today.
The Panamanian bank has sufficient assets that can be quickly
converted to cash to meet client demands, Martinez said, according
to La Prensa. The bank has three branches and 66 employees, the
newspaper said.
The U.S. Securities and Exchange Commission this week accused R.
Allen Stanford of running a “massive, ongoing fraud” through his
Houston-based Stanford Group. Co., while selling $8 billion in
certificates issued by an affiliated bank in Antigua. |
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