Articles by Anna Driver

Witness: Stanford Was Center of Fraud

Allen Stanford used fake insurance and false financial statements to deceive investors and regulators as he sought to shield his global financial empire from government scrutiny for more than two decades, his top deputy said on Feb. 2. James Davis …

SEC Sues Brokerage Insurance Fund Over Stanford Victims’ Claims

Federal securities regulators have sued a brokerage industry backed fund on behalf of victims who lost money in Allen Stanford’s alleged $7 billion Ponzi scheme and have yet to recover any funds. The U.S. Securities and Exchange Commission asked a …

Gulf Oil Spill Claimants Offered ‘Quick Pay’ Option

The administrator of BP Plc’s $20 billion fund to compensate U.S. Gulf Coast residents affected by the oil spill said Monday he would speed up the process by offering quick payments to those who waive their right to sue. The …

Stanford, Execs Deny Key Role in Alleged Fraud Cited by Lloyd’s

Lawyers for Texas financier Allen Stanford and two accounting executives who worked for him sought to distance their clients Friday from the alleged financial wrongdoing insurer Lloyd’s of London cites as a reason to void a policy covering their defense …

Exxon Sues Federal Government for Texas Refinery Cleanup Costs

Exxon Mobil Corp. is suing the United States to recover more than $45 million in clean-up costs at its refining and petrochemical plants in Baytown, Texas, saying the government controlled the facilities during World War Two. Exxon argues it should …

BP Lowers Containment Cap onto Wellhead But Uncertainty Remains

BP Plc managed Thursday to lower a containment cap onto its ruptured deep-sea wellhead in the Gulf of Mexico in a high-stakes bid to siphon off some of the oil billowing from its gusher. U.S. President Barack Obama canceled his …

Judge: Stanford, Others May Seek Defense Fees From Lloyd’s D&O Policy

Financier Allen Stanford and other executives who face charges related to an alleged $7 billion fraud may file claims for defense funds under a directors’ and officers’ insurance policy, a federal judge said Friday. Stanford has had his assets frozen …

With No Pay Guarantee from Insurance, Lawyers Quit on Stanford; Public Defender Named

Former billionaire Allen Stanford, accused of running a $7 billion Ponzi scheme, will be represented by a public defender for now after telling a court he had no money to pay for an attorney. “The man needs an attorney, he’s …

Lloyd’s Directors & Officers Insurance At Issue in Stanford Fraud Case

Lloyd’s of London said a federal judge should not allocate the proceeds of a directors and officers insurance policy for accused swindler Allen Stanford and other executives because they have no guarantee of coverage, according to a court filing Friday. …

Houston’s Corporate Giants Idled by Hurricane Ike

It’s not quite business as usual in Houston Monday after Hurricane Ike knocked out power to millions, shattered skyscraper windows and wiped out water pressure in the nation’s energy hub. In the midst of an oil boom, the storm’s destruction …