Stanford's Court Appointed Receiver Makes $4500 An Hour

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As we mentioned last week, the court appointed receiver in charge of sorting Stanford’s mess requested $27 million in fees for 14 weeks of work.

But now a Texas judge has cut Ralph Janvey’s fees by 20% yesterday. The judge has demanded details about¬† how all money is that is being spent.

“We need to be sure there is adequate information to assess the bills,” Godbey told the court according to Reuters.

The judge has also rejected some $2.1 million in travel expenses and professional fees that were not fully detailed. He said it may be paid at a later date.

The SEC had agreed to pay Godbey a $4500 an hour. But now its says that he is spending the money too lavishly. Janvey and his attorneys said that dealing with Stanford’s mess is not an easy task, and that they are owed every dime. One of his attorneys said it’s “challenging, difficult, litigious, expensive and thankless.”

 

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