Greensboro Stanford office closed
Representatives of the receiver that has taken control of the financial empire of Allen Stanford have “temporarily” closed the Greensboro office of the Stanford Group.
A sign on the door of the company’s Green Valley Road office said that office was “temporarily closed” but added the company “is still in operation but under the management of a receiver.”
The Securities and Exchange Commission filed suit against Stanford and his companies last week, alleging a multibillion dollar fraud centered on the sale of high-yield certificates of deposit that promised improbably high returns to investors.
Dallas lawyer Ralph Janvey is the court-appointed receiver in the case. He said in a notice on his Web site that he is in the process of “physically securing” Stanford offices as part of the investigation quick payday loan.
Customer accounts have been frozen until the receiver can confirm there are no claims against those accounts. Janvey said in Web site that he “understands that the freeze implemented under the order can cause inconvenience and in some cases hardship.”
A source associated with the Greensboro Stanford Group office said employees were asked to leave Monday, but have not yet been given any further information about their employment status. The office has eight advisors plus support staff.