A majority of Mississippians with accounts managed by Stanford Financial soon may have access to their funds, according to the Mississippi secretary of state.
Texas lawyer Ralph Janvey, the court-appointed receiver authorized to freeze the assets of billionaire owner R. Allen Standford and his main companies, said the Stanford companies have a “liquidity problem … and tens of millions in unpaid bills.”
Janvey said he will file a plan by March 16 to start releasing accounts of less than $100,000 to their owners. He said he has already released some mutual fund accounts.
“This would affect 3,768 Mississippi accounts out of the 4,524 listed as owned by Mississippians,” Secretary of State Delbert Hosemann said in a statement.