•HRES 507 IH 
Whereas 20,000 investors, including many United States citi-
zens, lost $7,200,000,000 in an alleged Ponzi scheme in-
volving fictitious certificates of deposit from Stanford 
International Bank, an offshore bank chartered in Anti-
gua and Barbuda; 
Whereas the Government of Antigua and Barbuda violated 
the order of the United States District Court for the 
Northern District of Texas regarding the receivership 
proceeding initiated at the request of the United States 
Securities and Exchange Commission (referred to in this 
preamble as the ‘‘Securities and Exchange Commission’’), 
in which the court took exclusive control of all the assets 
owned by Allen Stanford and Stanford-affiliated entities 
around the world and documents relating to those assets; 
Whereas the Government of Antigua and Barbuda challenged 
the authority of the United States District Court for the 
Northern District of Texas by— 
(1) initiating a separate and competing liquidation 
proceeding for Stanford International Bank; and 
(2) appointing liquidators who have defied the or-
ders of the court in multiple jurisdictions around the 
world by litigating for control of hundreds of millions of 
dollars in bank accounts in the United Kingdom, Switzer-
land, and Canada; 
Whereas the Government of Antigua and Barbuda challenged 
the authority of the United States Department of Justice 
by seeking to obtain control of hundreds of millions of 
dollars in bank accounts in the United Kingdom, Switzer-
land, and Canada that had been frozen at the request of 
the Department of Justice in accordance with multilat-
eral criminal asset forfeiture treaties; 
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•HRES 507 IH 
Whereas the courts of Antigua and Barbuda have denied rec-
ognition of the United States district court-appointed re-
ceiver for all assets of Allen Stanford and Stanford-affili-
ated entities; 
Whereas the Stanford International Bank liquidators ap-
pointed by the Eastern Caribbean Court of Appeals now 
seek recognition of the Antigua and Barbuda liquidation 
proceeding as a foreign insolvency proceeding under 
chapter 15 of title 11, United States Code, in the United 
States District Court for the Northern District of Texas; 
Whereas the Government of Antigua and Barbuda acknowl-
edged in a statement in March 2010 that— 
(1) Stanford International Bank ‘‘was operating in 
Antigua as a transit point and for purposes of registra-
tion and regulation’’; and 
(2) ‘‘[t]he business of Stanford International Bank, 
Ltd. was run from Houston, Texas, and its books main-
tained in Memphis, Tennessee’’; 
Whereas Allen Stanford, the Stanford Financial Group, and 
the Government of Antigua and Barbuda enjoyed a mu-
tually beneficial business relationship involving numerous 
economic development projects and loans to the govern-
ment of at least $85,000,000, and forensic accounting re-
ports have identified those loans as having been made 
from Stanford International Bank certificate of deposit 
funds; 
Whereas, in June 2010, the Securities and Exchange Com-
mission alleged that Allen Stanford bribed Leroy King, 
the chief executive officer of the Financial Services Regu-
latory Commission of Antigua and Barbuda, to persuade 
Leroy King to— 
(1) not investigate Stanford International Bank; 
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•HRES 507 IH 
(2) provide Allen Stanford with access to the con-
fidential files of the Financial Services Regulatory Com-
mission; 
(3) allow Allen Stanford to dictate the response of 
the Financial Services Regulatory Commission to inquir-
ies by the Securities and Exchange Commission about 
Stanford International Bank; and 
(4) withhold information from the Securities and 
Exchange Commission; 
Whereas, in June 2010, the United States Department of 
Justice indicted Leroy King on criminal charges and or-
dered Leroy King to be extradited to the United States; 
Whereas the Government of Antigua and Barbuda has failed 
to complete the process of extraditing Leroy King to the 
United States to stand trial; 
Whereas Dr. Errol Cort, who served as the Minister of Fi-
nance of Antigua and Barbuda from 2004 to 2009, alleg-
edly received more than $1,000,000 of fraudulently 
transferred Stanford investor funds either directly or in-
directly through his law firm, Cort & Cort; 
Whereas Cort & Cort, the law firm of Dr. Errol Cort, served 
as the official registered agent for Stanford International 
Bank until June 2009; 
Whereas the Government of Antigua and Barbuda, along 
with the Eastern Caribbean Central Bank— 
(1) seized control and possession of the Allen Stan-
ford-owned Bank of Antigua without compensation to the 
United States district court-appointed receiver; 
(2) renamed that bank the ‘‘Eastern Caribbean 
Amalgamated Bank’’; and 
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•HRES 507 IH 
(3) allocated a 40 percent ownership position to the 
Government of Antigua and Barbuda and 60 percent 
ownership to 5 Eastern Caribbean Central Bank member 
banks; 
Whereas, after the fraud that the Stanford Financial Group 
allegedly perpetrated was made public, the Government 
of Antigua and Barbuda expropriated numerous Allen 
Stanford-owned properties in Antigua and Barbuda 
worth up to several hundred million dollars, and the gov-
ernment has not turned over those properties to the 
United States district court-appointed receiver; 
Whereas the Government of Antigua and Barbuda expropri-
ated without compensation the property known as the 
Half Moon Bay Resort, which is owned by a group of 12 
United States citizens; and 
Whereas the Government of Antigua and Barbuda— 
(1) has sought and obtained loans from the Inter-
national Bank for Reconstruction and Development and 
the International Development Association (commonly 
known as the ‘‘World Bank’’) and the International Mon-
etary Fund; and 
(2) is the recipient of other direct and indirect aid 
from the United States: Now, therefore, be it 
Resolved, That it is the sense of the House of Rep-
resentatives that— 
(1) provision of all further direct or indirect aid 
or assistance, including assistance derived from Fed-
eral funds, by the United States Government to the 
Government of Antigua and Barbuda should be sus-
pended until the Government of Antigua and Bar-
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•HRES 507 IH 
buda provides complete redress of the issues de-
scribed in the preamble, including through— 
(A) the full cooperation of the Government 
of Antigua and Barbuda and any appointee of 
that government, including the joint liquidators 
of Stanford International Bank, with the 
United States Securities and Exchange Com-
mission, the United States Department of Jus-
tice, the United States district court-appointed 
receiver, and the United States district court- 
appointed Stanford Investors Committee, in in-
vestigating the Stanford Financial Group fraud 
and marshaling the assets of Allen Stanford 
and all Stanford-affiliated entities; 
(B) an agreement by the Government of 
Antigua and Barbuda to be subject to the juris-
diction and bound by the judgment of any 
United States court that adjudicates the claims 
relating to the Stanford Financial Group fraud; 
(C) the transfer of the assets seized by the 
Government of Antigua and Barbuda, or ob-
tained by the joint liquidators of Stanford 
International Bank, to the United States dis-
trict court-appointed receiver for the benefit of 
victims of the Stanford Financial Group fraud; 
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•HRES 507 IH 
(D) a contribution by the Government of 
Antigua and Barbuda to the United States re-
ceivership estate for the benefit of victims of 
the Stanford Financial Group fraud, in an 
amount equal to the amount of any funds that 
Allen Stanford or any Stanford-affiliated entity 
provided to the Government or government offi-
cials of Antigua and Barbuda; 
(E) a contribution by the Government of 
Antigua and Barbuda to the United States re-
ceivership estate for the benefit of victims of 
the Stanford Financial Group fraud, in an 
amount equal to any payments that Allen Stan-
ford or the Stanford Financial Group made to 
Leroy King or any other official of the Govern-
ment of Antigua and Barbuda for the purpose 
of subverting regulatory oversight of Stanford 
International Bank; 
(F) the fulfillment by the Government of 
Antigua and Barbuda of its obligations relating 
to the expropriation of the Half Moon Bay Re-
sort; and 
(G) an agreement by the Government of 
Antigua and Barbuda to not— 
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•HRES 507 IH 
(i) interfere with the receivership com-
menced by the United States Government; 
and 
(ii) seek control of assets claimed by 
the United States Government; and 
(2) the Secretary of the Treasury should direct 
the United States Executive Directors of the Inter-
national Bank for Reconstruction and Development 
and the International Development Association 
(commonly known as the ‘‘World Bank’’) and the 
International Monetary Fund to use the voice and 
vote of the United States to ensure that any future 
loan made by the World Bank or the International 
Monetary Fund to the Government of Antigua and 
Barbuda is conditioned on providing complete re-
dress of the matters, and satisfaction of the require-
ments, described under paragraph (1). 
Æ 
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