(LAWFUEL) – On March 5, 2009, U.S. District Court Judge David C. Godbey issued an order at the request of Stanford court-appointed receiver Ralph S. Janvey unfreezing approximately 12,000 Stanford investor accounts held at Pershing LLC. The court’s order applies to customer accounts valued at $250,000 or less as of month-end February 2009, and is effective on March 9, 2009.
Customers can immediately begin the process of obtaining control of their accounts by arranging to transfer their accounts to a new broker-dealer. To do so, the customer should make arrangements with the new broker-dealer to open a new account.
Typically, the first step in opening a new account is for the customer to obtain and complete an account transfer form and a new account opening form. These forms are available from broker-dealers directly or on their Web sites. The completed forms are then submitted to the new broker-dealer who in turn will provide appropriate instruction to Pershing LLC regarding the transfer of the accounts. There is typically a small fee associated with the transfer of accounts from one broker to another.
The court has authorized the release of these accounts unless any of the following conditions apply:
· They are owned by Stanford shareholders, directors, and certain employees.
· They are owned for the benefit of Stanford companies.
· They are managed by Stanford companies.
· They secure unpaid balances owed by customers or non-purpose loans made to customers.
· They are related to accounts in any of these categories by social security number, address or other similar indicators.
Investors can contact the receiver at [email protected], or visit a Web site created by the receiver at http://www.stanfordfinancialreceivership.com.