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Case 4:09-cr-00342 Document 875

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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION UNITED STATES OF AMERICA, Plaintiff vs ROBERT ALLEN STANFORD, Defendant

§ § § § § § §

CRIMINAL DOCKET 4:09-342-1 HONORABLE DAVID HITTNER

DEFENDANT’S RESPONSE TO THE GOVERNMENT’S SENTENCING MEMORANDUM TO THE HONORABLE JUDGE HITTNER: Robert Allen Stanford submits this sentencing memorandum and would show as follows: OBJECTION TO THE GOVERNMENTS “SENTENCING MEMORANDUM” 1. In a motion dubbed “sentencing memorandum”, the Government repeatedly decries Mr. Stanford’s legal filings claiming that the Government is “offended” at Mr. Stanford’s legal arguments. Continuing along a wellworn path the Government repeatedly replicates its now familiar, worn-out arguments using terms like “predator”, and files matters in the public forum in an attempt to further enrage public opinion by continuing to distort facts, and ignore reality. Their latest public filing again claims that Mr. Stanford orchestrated a Ponzi scheme and is now asking for time served. In filing such a document the Government is once again embarking in factual

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manipulations and “spin” worthy only of a political campaign for national office.

Because the Stanford companies did not engage in a “Ponzi”

scheme, but made actual investments, and engaged in actual business activities the Defendant moves this Court to sentence him in accordance to the motions and legal arguments before the Court.1

NOT A PONZI SCHEME 1. In a Ponzi scheme, a swindler promises a large return for investments made with him. The swindler actually pays the promised return on the initial investments in order to attract additional investors. The payments are not financed through the success of the underlying venture but are taken from the corpus of the newly attracted investments. The swindler then takes an appropriate time to abscond with the outstanding investments."

United

States v. Cook,573 F.2d 281, 282 (5th Cir. Tex. 1978) (emphasis added). For example, courts which have described Ponzi schemes limit such descriptions to circumstances which the individual accused invested no monies and basically ran a scam where there were no businesses at all and absolutely no investments, for example in Hsu the Accused told the investors that the Companies were engaged in the lucrative and low-risk

1

Unlike the Government, Counsel will follow well established rules and not discuss in a public filing matters, which are under seal. 2

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business of providing short-term financing to small, high-end, retail companies. In fact, there was no such business, as there were no such Companies: Hsu had invented them as the seemingly legitimate front for what turned out to be a multimillion-dollar Ponzi scheme. United States v. Hsu, 669 F.3d 112 (2nd Cir. 2012) (emphasis added). Or in Alfonso, the Accused operated a Ponzi scheme, through which he obtained funds from investors by fraudulently claiming that he would invest their money in promising real estate ventures. He made no such investments however, and used the money instead for his own personal use. United States v. Alfonso, 479 F.3d 570, 572 (8th Cir. 2007) (emphasis added). Both of these cases further demonstrate why the Stanford companies were not a Ponzi scheme, unlike the individuals accused in those matters Stanford made real actual investments. 2. It was clearly shown at trial that Stanford actually made investments. He made investments in real estate, private equity; he invested and created foreign banks, foreign and domestic investment companies and airlines. There were investments, which among other matters created banks in Panama, Ecuador, Venezuela and Peru.

Stanford also established

investment companies in those countries and others countries such as Switzerland and Mexico. See exhibit A. Through a web of interconnected 3

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companies, Mr. Stanford created a synergy whereby Stanford companies supported, complemented and enhanced one another. The Government in its filing repeatedly proclaims that these businesses had no value. For example, the Government continues to harp on investments in companies such as start up airlines. What it fails to relate is that today Stanford International Bank has an equity interest in Liat Airline: Q. Do you understand that that amount for loans includes $333 million that went to Mr. Stanford's commercial airlines which, as of December 2008, have been closed down? A. Well, that's where you're misstating, counsel, because they also receive an interest in Liat, which is an airline. So, they had value that they obtained in closing the airlines down. They received shares in an airline that's in existence today. Q. Who received the shares? A. I believe it was Stanford International Bank. Tr. 7663; 7430-31. The fact is that right up to the intervention by the United States the Bank had sufficient assets to meet its liabilities when taking into account liquid and non-liquid assets. 3. The Government also glosses over the fact that Mr. Stanford had never sold equity to any of his depositors. The purchasers of Stanford International Bank certificate of deposits were engaging in a contract with a foreign bank. That contract promised a specific rate of return at a set time. Once the money was invested with the Bank it was the Bank’s money, the depositors were owed monies pursuant to the contract. A certificate of deposit is a loan 4

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from the depositor to the bank. Atkinson v. Federal Deposit Ins. Corp., 635 F.2d 508, 511 (5th Cir. 1981)(“A certificate of deposit is a “written acknowledgement by a bank of the receipt of a sum of money on deposit which it promises to pay to the depositor…whereby the relation of debtor and creditor between the bank and depositor is created.”). The Supreme Court has long held that “the deposit of money by a customer with his banker is one of loan…” Davis v. Elmira Sav. Bank, 161 U.S. 275 (U.S. 1896). The Supreme Court has referred to bank deposits as loans “in which the depositor for his own convenience, parts with the title to his money, and loans it to the banker; and the latter, in consideration of the loan of the money and the right to use it for his own profit, agrees to refund the same amount or any part thereof, on demand.” Marine Bank v. Fulton Bank, 69 U.S. 252, 256, 17 L. Ed. 785 (1865). Therefore, Stanford never promised that the investments would make money and that money would directly repay investors. The depositors as debtors of the bank had a right to a set interest rate and redemption at a set period of time. Therefore, the Government’s continued proclamation that this mater involved a Ponzi scheme is more “spinning”. 4. A simple demonstration of typical government double-talk is demonstrated by comparing their closing argument with their “Sentencing Memorandum”. 5

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At closing, Counsel, who drafted the public “sentencing memorandum” said: “Is it okay to lie? That's what this trial, after all the witnesses, all the documents, all the talk, really boils down to. Allen Stanford did lie. He told depositors in his bank that it was using their money in one way, and the truth was completely different.” Tr. 7965. Although Ponzi scheme makes for a great sound bite and may help defer the fact that the Government has missed, on all cylinders, uncovering the shenanigans of the banks and other financial institutions in 2008 and 2009, it simply does not describe what Stanford was or what Stanford did. THE GOVERNMENT’S FILING IS FRAUGHT WITH INACCURACIES AND HALF TRUTHS 5. As noted above the Government’s filing is full of just plain inaccuracies. Due to the volume of inaccuracies, Mr. Stanford will simply highlight some in this filing. 6. In its “Sentencing Memorandum” the Government describes what Mejia claimed he witnessed or understood. First the filing fails to remind the Court that through cross-examination it was demonstrated that Mr. Mejia was simply guessing and assuming what he was testifying about. More importantly it fails to mention that the Government filed a motion under seal begging the Court to not allow Counsel to cross-examine Mr. Mejia about the actual cause of Mr. Mejia being fired. It fails to mention their own 6

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witness, the witness they called shortly after Mr. Mejia, was aware of the reason for Mejia being fired and well aware of Mr. Mejia’s reputation and even that the Stanford companies were sued because of Mr. Mejia’s conduct. This was subject matter that Counsel sought to introduce into evidence but was not allowed to do so by the Court. This was subject matter, which their own witness was willing to discuss, but the Government objected to it being introduced. Tr. 740. Furthermore, Mr. Mejia was tasked with preparing marketing materials detailing the history of Stanford Financial, by travelling to Mexia, Texas to interview James Stanford and find background materials showing the history of Stanford Financial. Tr. 836-38. Mr. Mejia concluded that, because he could not find any materials documenting the history of Stanford Financial in the Mexia library, that Lodis Stanford did not sell any financial products, such as insurance, since the 1930s, Tr. 839, testifying that “I didn't found (sic) any substantial proof about all this”. Mexia newspaper archives, however, show that Mejia was both incompetent and wrong, and that newspaper records document that Lodis Stanford wrote “large volumes of life insurance, as well as general insurance,” and “has been in the insurance business here [Mexia] since 1933.” See Defense Trial Exhibit 2-3 (Mexia Newspaper articles). 7. The Government then discusses their favorite witness, Mr. Davis. Mr. Davis 7

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claims that Stanford bribed Hewlett, the auditor, and the Government claims Mr. Stanford told Davis that “God sent Hewlett to me”. Mr. Davis testified to a very curious situation however. Davis testified: Q. What did an audit by Mr. Hewlett's firm actually involve? A. His audit activities were very similar to other auditors who were certified and he would verify the amounts listed on the balance sheet and subsequent schedules, such as profit and loss statement, cash flow statements, with one exception. Q. What was that exception? A. He would not verify the amounts in the investment section in a comprehensive way; that is, he did not require a financial statement from the investment houses or investment banks verifying each number in the investment section of the assets. Q. So, what information was Mr. Hewlett given about the bank's assets, the types of assets and the amounts of the bank's assets? A. He was given basically the same information that was in the promotional materials for the bank, as well the government reports, such as FSRC. Q. But was Mr. Hewlett given any underlying documents to back up the numbers that were reported as the bank's assets, like account statements from all the money managers, showing how the money was invested and where it was held? A. No, sir. Q. Did he ask for that documentation? A. Yes, sir, he mentioned requests on a number of occasions over the years. Q. Did he ever make that request of you? A. Yes, sir. Q. When Mr. Hewlett asked you for backup documents, what did you tell him? A. I said that you should have those items and documents and you will have them. Q. How long were you telling that to Mr. Hewlett? A. 16 years. Tr. 3086-07. 8

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8. This demonstrates why Mr. Davis is so unbelievable and simply lacks any credibility. If Mr. Hewlett was in fact being bribed, why would he keep asking for the documents for 16 years? If Mr. Hewlett was in fact part of the conspiracy, why would he even need the documents or request any of them? Davis’s testimony is nonsensical, and just not credible. The Government has claimed that “Through his [Stanford’s] Swiss, slush fund at Societe Generale, Stanford paid Hewlett more than $3.4 million, nearly three times as much as the enormous fees paid on the books. (GX 1610.)” They failed to mention that accountant Morrie Hollander testified that the amounts paid to CAS Hewlett for auditing nine (9) of Stanford’s companies was normal for auditing work, and in fact was lower than the normal rates charged in the industry. Tr. 6918-19; Govt Exh 902, p.2. They also failed to mention that the so-called “slush” account was in fact an account established in the 1980s (April 1987, Tr. 5184) and was a company account. They only person that called it a slush account was the Government and Mr. Davis. These are just some of the many times Mr. Davis “stretched” the truth. While Counsel will be happy to note all the other instances, Counsel assumes that the Court recalls all the testimony and cross examination regarding Mr. Davis stealing from his children or the other matters discussed on cross examination.

9

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9. Next, the Government discusses Libya and Mr. Stanford’s attempts to engage in business with the former Libyan government.

They fail to

mention to the Court that Mr. Stanford did so after consulting with members of Congress and the State Department. One look at Mr. Stanford’s passport will clearly demonstrate that prior to visiting Libya Mr. Stanford surrendered his passport to the State Department and informed them of his intentions to visit Libya. 10.The Government discusses the testimony of Mr. Ron Rossi; however, as with other matters they fail to discuss the fact that Mr. Rossi was fired and then sued Stanford and forgot to mention that he was fired because of his use of inappropriate images on company documents and stylistic differences. Tr. 5777-5778. More importantly, the Government forgets to mention that during his cross examination it was shown that Mr. Rossi did not have a full understanding of what Mr. Stanford’s involvement was in the creation of the annual reports. 11.Additionally, in their “sentencing memorandum”, the Government inaccurately claims that Ms. Kelley Hawkins testified that she saw Mr. Stanford “personally doctoring numbers in the draft financial statements.” Govt Sentencing Memorandum, p.8. The Government misleadingly leaves out Ms. Hawkins’ testimony that many different employees were authorized, 10

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and expected, to make revisions to financial documents, such as various people in the accounting, legal and marketing departments - and did make such revisions as the documents were being drafted, revised and finalized, and that the average corporate document would go through ten (10) such review cycles, where multiple Stanford employees made edits or corrections in each review cycle. Tr. 5783-84. The purpose of the ten (10) review cycle process was to draft, edit and verify the documents and the numbers contained therein. The Government ignores this testimony and misleadingly mischaracterizes a witness’ testimony—Ms. Hawkins here—again. 12.Finally, in their filing the Government claims that Mr. Stanford contacted the government and offered property in his possession in order to induce an agreement to reduce his sentence.

Sentencing Memorandum p.21.

However, what they fail to inform the Court is that Mr. Stanford was attempting to give the property to authorities in order to allow the depositors to obtain the benefits of the property and it was the United States Attorneys, specifically the Asset Forfeiture section, which indicated that due to the fact that the assets in questions were real estate located in a foreign country, the Justice Department is not equipped to take the assets over. The property in question is located in Antigua. The Government also failed to mention that it was Mr. Stanford’s attorneys who suggested that should Mr. Stanford 11

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agree to turn the real estate over then the government should give Mr. Stanford some consideration for his voluntary conduct. Since the Justice Department by its own admission is not in a position to take possession of the property, Mr. Stanford through his civil counsel is attempting to seek other avenues to ensure the property gets to the appropriate authority. Therefore, the Government again has provided factual information to the Court, which does not fully encompass all the relevant facts. SENTENCING DISPARITY 13. 18 U.S.C §3553 reads in relevant part: (a) Factors to be considered in imposing a sentence. The court shall impose a sentence sufficient, but not greater than necessary, to comply with the purposes set forth in paragraph (2) of this subsection. The court, in determining the particular sentence to be imposed, shall consider-. . . (6) the need to avoid unwarranted sentence disparities among defendants with similar records who have been found guilty of similar conduct; and 14.The § 3553(a) disparity factor involves consideration of the need to avoid disparity among similarly-situated defendants nationwide. United States v. Duhon, 440 F.3d 711 (5th Cir. 2006). 12

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15. As noted in 3553 (a) courts should strive to avoid sentencing disparities. In their filing the Government discussed sentencing disparity. Below is a list of cases where the court greatly varied from the guideline calculations in sentencing the individual accused in cases similar to Mr. Stanford. In a variety of cases the courts sentenced financial crime defendants who were facing life imprisonment under the guidelines to a much lower sentence.

CASE

CONVICTION

LOSS

GUIDELINE RANGE

United States v. Christian Milton, AIG, Vice President (3:06cr-00137)(D. Conn. 2009) Ronald Ferguson, CEO, General Reinsurance Corp. (3:2006-cr00137) (D. Conn. 2008) Travis Correll, (N.D. Ga 2008)

Convicted at trial of various counts of fraud

LIFE imprisonment

Convicted at trial of $544 million conspiracy, securities fraud, false statements to SEC, and mail fraud

LIFE imprisonment

Pled guilty to wire $29 million 188-235 fraud (related to (ordered in months Ponzi scheme). restitution)

13

SENTENCE IMPOSED % OF GUIDLINE RANGE 48 months 10% of guideline range; life treated as 470 months 24 months 5% of guideline range; life treated as 470 months

144 months 76% of guideline range (Correll was initially sentenced to 144 months, but later received a further reduction to 108 months under Rule 35.)

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William Ledee, Founder of fictitious insurance company (Cause No. 1:05cr-00015 concurrent w/No. 1:04-cr-623) (N.D. Ga 2007)

John Whittier, Manger, Wood River Partners (Cause No. 1:2007-cr-00087) (S.D.N.Y. 2007)

Richard Adelson, CEO & President, Impath (Cause No. 1:2005-cr00325) (S.D.N.Y. 2006) Jamie Olis, Tax Lawyer, Dynegy (S.D. Tex. 2006)

E. Kirk Shelton, Vice Chairman, Cendant Corporation (Cause No. 3:2002-cr-00264 ) (D. Conn. 2005)

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Pled guilty to making false financial statements, engaging in business of insurance as a convicted felon, mail fraud, conspiracy to commit money laundering, etc. Pled guilty to securities fraud, failure to disclose ownership in excess of 5% of publicly traded security, and failure to disclose ownership in excess of 10% of publicly traded security. Convicted at trial of conspiracy, securities fraud, and filing false reports with SEC.

PSR $88 million The (ordered in indicated a total restitution) offense level of 51, and criminal history category II, resulting in a guideline range of LIFE

70 months 15% of guideline range: life treated as 470 months (varied below type C agreement's cap of 7.5 years)

$88 million 188-235 (ordered in months restitution)

36 months 19% of guideline range

Convicted at trial of: (1) conspiracy to commit securities fraud, (2) securities fraud, (3) mail fraud, and (4) wire fraud. Convicted at trial of (1) conspiracy to commit securities fraud, mail fraud, wire fraud, and false statements to SEC, (2) mail fraud, (3) wire fraud, (4) false statements to SEC, (5) securities fraud

$79 million

$50$100 million (court ordered restitution of $50 million)

Guidelines called for life imprisonment; statutory maximum was 85 years. 151-188 months

42 months 9% of guideline range; life treated as 470 months 72 months 47% of guideline range

$3.275 billion 151-188 120 months (ordered in months 79% of restitution) (1997 guideline range Guidelines were used; 2006 Guidelines would have called for life imprisonment, limited by a statutory cap of 14

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300 months)

Pled guilty to conspiracy to commit securities fraud and wire fraud, securities fraud, false statements to SEC, conspiracy to obstruct justice, obstruction of justice, and false statements. Pled guilty to Stephen Richards, Sr. conspiracy to Vice President, commit securities Computer fraud and wire Associates fraud, securities (Cause No. fraud, false 1:2004-cr-00846) statements to SEC, (E.D.N.Y. 2006) conspiracy to obstruct justice, obstruction of justice, and perjury.

$2.2 billion (according to Government's Sentencing Memo)

Convicted at trial to commit securities fraud, conspiracy to commit bank fraud, bank fraud, wire fraud, interstate transport of property obtained by fraud, bankruptcy fraud, conspiracy to commit perjury, and obstruction of justice

PSR found total loss of $193 million (Court ordered $65 million in restitution.)

Sanjay Kumar, CEO, Computer Associates Int'l (Cause No. 1:2004-cr-00846) (E.D.N.Y. 2006)

Mehdi Gabayzadeh, CEO, American Tissue (Cause No. 2:03-cr0016)(E.D.N.Y. 2006)

$2.2 billion (according to Government's Sentencing Memo)

15

LIFE imprisonment under 2005 Guidelines 188 to 235 under 1998 Guidelines (unclear how District Court resolved dispute over which version should apply.) LIFE imprisonment under 2005 Guidelines 151 to 188 under 1998 Guidelines (Unclear how District Court resolved dispute over which version should apply.) LIFE imprisonment

144 months 30% of Guideline range; life treated at 470 months

84 months 18% of guideline range; life treated as 470 months

180 months 38% of Guideline range; life treated as 470 months

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Convicted at trial of securities fraud, bank fraud, and conspiracy to: (a) commit bank fraud, and (c ) make of cause to be made false statements in filings to SEC Pled guilty to making false VP, statements in reports to the SEC

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Guideline range was LIFE imprisonment; however, statutory maximum was 185 years.

John Rigas, Founder, Adelphia ( 1:2002-cr-01236 ) (S.D.N.Y. 2004)

$2.3 billion

Jacob Jacobowitz, Executive Allou Healthcare (E.D.N.Y. 2007)

$30 million Guideline range 84 months (ordered in was 168 -210 50% of restitution) months; Guideline however, range; 70% of statutory statutory maximum was maximum cap 120 months. $176 million Guideline range 180 months (ordered in would have 38% of restitution) been LIFE Guideline imprisonment; range; life plea agreement treated as 470 structured to months provide statutory maximum of 180 months. $176 million Guideline range 120 months (ordered in was LIFE 25% of restitution) imprisonment; Guideline plea agreement range, life structured to treated as 470 provide months statutory maximum of 120 months.

Herman Jacobowitz, CEO, Allou Healthcare (E.D.N.Y. 2007)

Pled guilty to conspiracy to commit bank, securities, and mail fraud and making false statements in reports to SEC.

Aaron Jacobowitz, Manager of various companies controlled by Jacobowitz family (Cause No. 1:2004-cr-00558) (E.D.N.Y. 2007) Lennox Parris,Director, Queench, Inc. (Cause No. 1:2005-cr-00636) (E.D.N.Y. 2007)

Pled guilty to money laundering.

144 months 31% of Guideline range; life treated as 470 months; 6% of statutory maximum cap

Convicted at trial of Between $2.5 360 months to 60 months conspiracy to and $7 million 16.7% of LIFE commit securities Guideline range fraud, securities fraud, conspiracy to commit witness tampering, and witness tampering.

16

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Raquel Kohler, Mutual Benefit Corp. (Cause No. 1:2007-cr20446)(S.D. Fla. 2007)

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Pled guilty to $471 million conspiracy to (ordered in commit securities restitution) fraud.

Guideline range 60 months 18.5% of 324-405 Guideline months, statutory range; 50% of maximum 120 statutory months. maximum cap

PRAYER Counsel files this motion in response to the Government’s “Sentencing Memorandum”. This motion is meant to supplement all motions previously filed. For the reasons noted above and in prior motions, Counsel prays the Court grant its request in all respects. Respectfully Submitted, SCARDINO & FAZEL

/s/ Ali R. Fazel Ali R. Fazel State Bar of Texas: 24012611 Sweeney, Coombs & Fredericks Bldg. 1004 Congress St., Third Floor Houston, Texas 77002 Telephone: (713) 229-9292 Facsimile: (713) 229-9931 /s/ Ken McGuire Kenneth W. McGuire Federal Admission No. 21917 State Bar No. 00798361 P.O. Box 79535 Houston, TX 77279 Telephone: (713) 223-1558 Facsimile: (713) 335-3340 ATTORNEYS FOR THE DEFENDANT, ROBERT ALLEN STANFORD 17

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CERTIFICATE OF SERVICE Ali R. Fazel certifies that a true and correct copy of this document has been served on the United States Attorney on June 13, 2012 via electronic filing to:

Andrew Howard Warren U.S. Department of Justice 1400 New York Avenue, NW Washington, DC 20005 Telephone: 202-305-4002 Email: [email protected]

/s/ Ali R. Fazel Ali R. Fazel

18

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Sir R Allen Stanford Corporate - Consolidated Balance Sheet as at December 31, 2008 expressed in USD

Sir R. Allen Stanford Corporate w/Elim

Sir R. Allen Stanford Corporate

EDC Companies w/ Elim

SIB, LTD w/ Elim

Services Holding w/Elim

SGH

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets Total Assets

322,862,412 650,549 8,329,978,673 325,599,288 489,621,666 559,619,618 213,496,378 87,189,278

322,862,412 71,089,935 8,329,978,673 325,599,288 489,621,666 559,619,618 213,496,378 87,189,278

930,001 13,196,403 0 0 0 69,287,564 0 1,135,022

231,406,222 27,816,263 8,312,896,955 293,827,974 489,621,666 344,162,472 115,229,332 49,435,844

29,297,770 30,077,269 17,081,718 25,263,471 0 109,444,069 33,800,367 11,476,124

61,228,419

10,329,017,862

10,399,457,248

84,548,990

9,864,396,728

256,440,788

194,070,742

70,439,386

70,439,386 6,507,843 36,725,513 64,466,679 25,142,288

Liabilities and Shareholders Equity Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

8,036,929,245 (0) 14,590,052 193,609,098 91,669,518

8,036,929,245 70,439,386 14,590,052 193,609,098 91,669,518

0 6,854,043 (27,580,677) 53,804,325 6,174,771

8,036,929,245 8,234,873 25,999,175 9,030,974 75,514,857

0 10,726,056 12,860,316 122,872,461 6,366,258

44,624,414 3,311,239 7,901,338 3,613,632

70,439,386

Total Liabilities

8,336,797,913

8,407,237,299

39,252,462

8,155,709,123

152,825,091

59,450,623

70,439,386

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

86,820,895 2,326,595,246 96,048,331 48,292,197 (279,001,189) (286,540,530) 5,000

86,820,895 2,326,595,246 96,048,331 48,292,197 (279,001,189) (286,540,530) 5,000

1,030 3,266,648 96,048,331 0 (10,314,826) (43,704,655) 0

85,711,551 1,597,142,708 0 40,195,999 152,363,508 (166,726,161) 0

1,106,314 492,220,795 0 8,096,198 (344,450,378) (53,357,232) 0

2,000 233,965,095

Total Shareholders Equity

1,992,219,950

1,992,219,950

45,296,528

1,708,687,606

103,615,697

134,620,119

0

10,329,017,863

10,399,457,249

84,548,990

9,864,396,728

256,440,788

194,070,742

70,439,386

Total Liabilities and Shareholders Equity Equity to Asset Ratio

19.29%

19.16%

53.57%

17.32%

(0)

(0)

(0)

40.41%

(76,599,493) (22,752,483) 5,000

69.37%

0

0

101,777,547 155,134,779

305,919,837 328,672,320

(53,357,232)

(22,752,483)

0.00%

Income Statement Revenues Expenses Net Income

1,101,210,187 1,410,005,753 (308,795,566)

1,510,603,418 1,819,398,984 (308,795,566)

176,645,347 220,350,002 (43,704,655)

926,260,687 1,115,241,883 (188,981,196)

409,393,230 409,393,230 0

6/8/12@7:53 PM

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Stanford International Bank, LTD Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

SIB, LTD w/ Elim

SIB, LTD

SIB, LTD (solo)

Real Estate Holding w/Elim

Banking Holding w/Elim

Investment Banking Holding w/Elim

I/A B/D Holding w/Elim

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

231,406,222 27,816,263 8,312,896,955 293,827,974 489,621,666 344,162,472 115,229,332 49,435,844

231,406,222 34,412,827 8,312,896,955 303,884,773 489,621,666 344,162,472 115,229,332 49,435,844

Total Assets

9,864,396,728

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

(14,005,047)

5,460,732

1,113,565 13,324,407 0 33,602,236 17,307 261,491,494 4,048,034 12,837,939

201,093,149 3,264,883 48,225,577 168,989,384 317,171,327 20,394,291 2,594,550 17,800,959

381,602 872,923 0 84,510,220 0 21,716,123 108,232,837 518,719

42,822,953 16,950,614 0 16,782,933 53,787 34,272,933 353,911 12,817,494

9,881,050,091

8,434,793,939

326,434,983

779,534,120

216,232,424

124,054,625

16,653,363

8,036,929,245 8,234,873 25,999,175 9,030,974 75,514,857

8,036,929,245 8,234,873 32,595,739 9,030,974 75,514,857

7,431,630,364

601,523,552 988,323 17,464,054 2,434,188 40,591,615

192,419 0 1,511,349 0 1,594

3,582,910 5,278,837 7,835,992 975,647 21,126,937

6,596,564

4,088,363

0 1,967,713 5,784,344 5,621,139 9,706,347

Total Liabilities

8,155,709,123

8,162,305,687

7,435,718,727

23,079,542

663,001,733

1,705,362

38,800,323

6,596,564

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

85,711,551 1,597,142,708 0 40,195,999 152,363,508 (166,726,161) 0

102,891,824 1,598,527,341 0 42,366,767 145,967,871 (171,009,399) 0

108,132 426,907,016 0 18,571,261 (109,243,067) (32,987,901) 0

32,438,739 34,721,006 0 18,242,242 28,733,097 2,397,303 0

1,000 232,462,542 0 (332,096) (15,170,472) (2,433,912) 0

60,343,953 24,936,777 0 5,885,360 226,552 (6,138,340) 0

17,180,273 1,384,633 0 2,170,768 (6,395,637) (4,283,238) 0

Total Shareholders Equity

1,708,687,606

1,718,744,405

999,075,212

303,355,441

116,532,388

214,527,062

85,254,302

10,056,799

Total Liabilities and Shareholders Equity

9,864,396,728

9,881,050,091

8,434,793,939

326,434,983

779,534,120

216,232,424

124,054,625

16,653,363

8,264,671,378 172,379,245 6,287,631

6,596,564 10,056,799

Liabilities and Shareholders Equity

Equity to Asset Ratio

17.32%

17.39%

10,000,000 879,500,000 241,421,761 (131,846,549)

11.84%

92.93%

14.95%

99.21%

68.72%

60.39%

Income Statement Revenues Expenses Net Income

926,260,687 1,115,241,883 (188,981,196)

991,879,960 1,185,144,394 (193,264,434)

772,669,248 904,515,797

11,351,911 44,339,812

(131,846,549)

(32,987,901)

120,007,558 120,689,473 (681,915)

3,991,056 6,424,968

83,860,186 109,174,343

65,619,273 69,902,511

(2,433,912)

(25,314,157)

(4,283,238)

6/8/12@7:56 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 3 of 14

Stanford Real Estate Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

Real Estate Holding w/Elim

Real Estate Holding

Torre Senza Nome

SDCL

MIL

SWL

The Island Club

AAC

Guiana Island Holding

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

1,113,565 13,324,407 0 33,602,236 17,307 261,491,494 4,048,034 12,837,939

1,113,565 13,324,407 0 57,587,191 17,307 261,491,494 4,048,034 12,837,939

264,597 13,187,711

2,425,108

633,400 106,744 0 57,587,191 0 221,962,304 3,557,567 7,561,695

25,672,292 425,000 1,297,416

145,953 27,933 0 0 0 841,656 0 1,460,639

61,193 2,019 0 0 0 379,180 65,467 93,081

5,441 0 0 0 0 3,742,917 0 0

0

0

Total Assets

326,434,983

350,419,937

24,787,868

291,408,901

27,397,687

2,476,181

600,941

3,748,359

0

23,984,955

0 1,967,713 5,784,344 5,621,139 9,706,347

0 1,967,713 5,784,344 5,621,139 9,706,347

222,440 5,536,568 1,370,035

1,490,462 205,061 0 7,764,676

17,568 20,680 352,400 387,743

227,021 14,286 3,257,150 1,000,443

10,222 7,603 641,554 553,186

0 146 0 299

23,079,542

23,079,542

7,129,043

9,460,199

778,391

4,498,899

1,212,565

446

0

0

108,132 426,907,016 0 18,571,261 (109,243,067) (32,987,901) 0

109,872 487,760,233 0 18,571,261 (140,086,126) (39,014,844) 0

370 2,939,033 0 0 (2,681,048) (869,979)

Total Shareholders Equity

303,355,441

Total Liabilities and Shareholders Equity

326,434,983

17,307 8,893,145

2,979

23,984,955

Liabilities and Shareholders Equity Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities Total Liabilities Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

Equity to Asset Ratio

92.93%

1,000 30,667,435

18,571,261 1,726,650 (2,743,514)

3,704 422,512,202 0 0 (110,324,715) (30,242,488)

(3,589,452) (459,687)

370 27,246,749 0 0 (24,572,560) (4,697,278)

327,340,395

17,658,825

281,948,703

26,619,296

(2,022,718)

(611,623)

350,419,938

24,787,868

291,408,901

27,397,687

2,476,181

600,941

93.41% (0)

104,428

71.24%

96.75%

97.16%

-81.69%

-101.78%

0

0

0

0

0 809,997 1,679,976

0 4,394,814 0 0 (645,002) (1,899)

0

1,741 60,853,217 0 0 (30,843,060) (6,026,944) 0

3,747,913

0

23,984,955

3,748,359

0

23,984,955

99.99% (0)

#DIV/0!

100.00% 0

0

Income Statement Revenues Expenses Net Income

11,351,911 44,339,812

5,324,968 44,339,812

1,869,352 4,612,866

0 30,242,488

2,593 462,280

2,643,026 7,340,303

(32,987,901)

(39,014,845)

(2,743,514)

(30,242,488)

(459,687)

(4,697,278)

(869,979)

0 1,899 (1,899)

(6,026,944) 0

(6,026,944)

6/8/12@7:57 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 4 of 14

Stanford Banking Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

Banking Holding w/Elim

Banking Holding

Stanford Trust Company Ltd

SASH

Stanford Bank Panama

BOA

Stanford Trust Adminisradora

Stanford Holding Vz CA

Stanford Bank S.A. Vz

Productos Y Servicios

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

201,093,149 3,264,883 48,225,577 168,989,384 317,171,327 20,394,291 2,594,550 17,800,959

201,093,149 3,264,883 48,225,577 210,124,775 317,171,327 20,394,291 2,594,550 17,800,959

11,345,005 2,747,340

Total Assets

779,534,120

820,669,511

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

601,523,552 988,323 17,464,054 2,434,188 40,591,615

601,523,552 988,323 17,464,054 2,434,188 40,591,615

Total Liabilities

663,001,733

663,001,733

2,140,856

32,438,739 34,721,006 0 18,242,242 28,733,097 2,397,303 0

67,652,692 34,721,006 0 23,221,325 28,197,560 3,875,195 0

Total Shareholders Equity

116,532,388

Total Liabilities and Shareholders Equity

779,534,120

240,673

783,367

236,413

3,368,935

0

26,071,920 0 48,225,577 0 138,493,472 4,987,352 0 6,303,491

32,597,866

477,086

224,081,812

225,111,140

181,613,261 0 0 0 8,423,811

200,807,838

4,824,251

78,768

0

190,037,073

206,101,448

153,133

18,032,902

246,536,166

155

500,000 5,983,983

2,000 348,722

18,195,000 23,600,153

1,112,942

5,221,390

35,209,302

4,651

21,038,681 2,934,346

127,931 (1,567)

7,407,407 4,788,148 0 4,300,811 13,342,295 4,206,078 0

(16,385,475) 0 (6,399,986)

1,273,064 (983,403) (265,893)

29,053,842 (4,792,407) 1,924,325

157,667,779

30,457,010

477,086

34,044,740

19,009,692

1,136,710

31,407,150

41,089,295

46,096

41,135,391

820,669,511

32,597,866

477,086

224,081,812

225,111,140

1,289,843

49,440,052

287,625,461

46,251

41,135,391

14,353,219

96,749,937 275,390

74,935 228,200

209,494 13,953

66,385,345

15,840

110,994,082 11,973,080 1,963,619

613,800

39,818,156

71,554

8,530,228

3,155,032

301,354

868,221

44,345,518 166,704,775 3,821,758 2,594,550 3,773,515

30,411

1,289,843

49,440,052

287,625,461

46,251

42,376 31,989

719,924 15,639,659 1,673,319

41,135,391

41,135,391

Liabilities and Shareholders Equity

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

Equity to Asset Ratio

14.95%

19.21%

225,868 1,323,047 591,941

93.43%

100.00%

15.19%

469,359

8.44%

219,102,453

88.13%

63.53%

155 760,869 26,672,844

4,979,083 (548,775) 1,449,685

14.29%

0

35,213,953 0 0 4,979,083 (535,537) 1,477,892 0

13,238 28,207

99.66%

100.00%

0

0

0

0

0

0

0

0

0

121,485,450 120,689,473

19,866,155 16,931,809

27,452 29,019

21,395,697 17,189,619

10,793,076 20,272,280

958,789 1,224,682

2,608,046 683,721

65,720,393 64,270,708

115,842 87,635

1,477,892

795,977

2,934,346

(1,567)

4,206,078

(9,479,204)

1,924,325

1,449,685

28,207

1,477,892

Income Statement Revenues Expenses Net Income

120,007,558 120,689,473 (681,915)

(265,893)

6/8/12@7:57 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 5 of 14

Stanford Investment Banking Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

Investment Banking Holding w/Elim

Investment Banking Holding

SVCH

Stanford Majestic Holding

JS Development

Trail Partners

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

381,602 872,923 0 84,510,220 0 21,716,123 108,232,837 518,719

381,602 872,923 0 104,952,826 0 21,716,123 108,232,837 518,719

Total Assets

216,232,424

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities Total Liabilities

53,871 203,000

5,026 669,923

104,135,191

1,000

321,705

817,635

20,442,606

3,096,406 108,232,837 511,119

7,809,493

10,810,224

236,675,030

216,232,424

8,492,042

818,635

11,131,929

20,442,606

192,419 0 1,511,349 0 1,594

192,419 0 1,511,349 0 1,594

192,419 1,511,349

1,705,362

1,705,362

1,705,362

0

0

0

0

7,600

Liabilities and Shareholders Equity

1,594

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

1,000 232,462,542 0 (332,096) (15,170,472) (2,433,912) 0

1,000 232,462,542 23,113,543 (332,096) (15,174,183) (5,101,138) 0

1,000 232,462,542

Total Shareholders Equity

214,527,062

234,969,668

214,527,062

8,492,042

818,635

11,131,929

20,442,606

Total Liabilities and Shareholders Equity

216,232,424

236,675,030

216,232,424

8,492,042

818,635

11,131,929

20,442,606

Equity to Asset Ratio

99.21%

99.28%

8,618,544 (332,096) (15,170,472) (2,433,912)

99.21%

823 (127,325)

100.00%

0

0

3,337,894 (2,519,259)

100.00% 0

11,157,105 (4,534) (20,642)

100.00% 0

0 0 23,113,543 0 (3,711) (2,667,226)

100.00% 0

Income Statement Revenues Expenses Net Income

3,991,056 6,424,968

1,323,830 6,424,968

3,838,864 6,272,776

350 127,675

(2,519,259) 0

3,875 24,517

(2,667,226)

(2,433,912)

(5,101,138)

(2,433,912)

(127,325)

(2,519,259)

(20,642)

(2,667,226)

6/8/12@7:58 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 6 of 14

Stanford I/A B/D Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

I/A B/D Holding w/Elim

I/A B/D Holding

SG Antigua

SG SUISSE

SG Aruba

SG Venezuela

SG Mexico

SG Peru

Stanford Casa Panama

Stanford Bolsa Colombia

Stanford Casa Ecuador

4,277,728 5,920

626,839 43,084

1,109,521 62,361

19,300

16,530,541

233,092

68,069

840,024

74,949

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

42,822,953 16,950,614 0 16,782,933 53,787 34,272,933 353,911 12,817,494

42,822,953 20,000,436 0 16,782,933 53,787 34,272,933 353,911 12,817,494

28,818,235 4,198,545

123,326 325,000 771,383

28,544,721 1,296,727

124,054,625

127,104,447

34,236,489

31,016,461

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

3,582,910 5,278,837 7,835,992 975,647 21,126,937

3,582,910 5,278,837 10,885,814 975,647 21,126,937

8,236 3,317,557

536,823 14,791

117,299 1,919 325,000

243,433

1,857,992

Total Liabilities

38,800,323

41,850,145

3,569,226

2,409,606

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

60,343,953 24,936,777 0 5,885,360 226,552 (6,138,340) 0

60,343,953 24,936,777 0 5,885,360 226,552 (6,138,340) 0

1,000 6,976,180

29,035,547

Total Assets

1,158,653 16,360

93,442 171,381

618,509 14,699,769

48,684 803,016

6,071,342

53,787 1,067,068

3,171,604

47,845

537,089

348,167

16,976,222

3,384,537 6,642,924 287,771 3,815,108

264,259 69,725

32,610

131,247

851,487

167,030

444,218

14,130,340

1,185,471

11,236 1,187,550

2,718,967

35,499

3,049,822

4,680,158

347,673 28,911 823,187

391,959

3,915,083

354,063

8,703,462

7,271,113

4,762,976

21,955,571

1,833,986

3,049,822

29,168 329,365

3,049,822

3,420,469

938,515 345,676 362,876 10,728,791

3,782,550

3,551,716

12,375,858

401,160

8,097 15,737,136

5,877,812

4,650,000

17,178,273 1,035,911

863,021

2,489,746 (1,196,504) (1,166,327)

(1,012,169) (7,098,673) (116,400)

316,381 (575,344) (2,130,286)

2,364 (1,849,648) (1,591,456)

2,170,768 (6,523,568) (4,281,671)

2,346,962 (1,436,746) (340,411)

Liabilities and Shareholders Equity

Total Shareholders Equity Total Liabilities and Shareholders Equity Equity to Asset Ratio

3,582,910

(428,692) 20,103,630 3,586,453

(1,196,595) (98,242)

42,627 3,049,822

85,254,302

85,254,302

30,667,263

28,606,855

(96,051)

2,845,882

7,517,991

3,488,563

1,211,260

9,579,713

1,432,826

0

124,054,625

127,104,447

34,236,489

31,016,461

348,167

16,976,222

8,703,462

7,271,113

4,762,976

21,955,571

1,833,986

3,049,822

68.72%

67.07%

89.57%

92.23%

-27.59%

16.76%

86.38%

47.98%

25.43%

43.63%

78.13%

0.00%

0

0

0

0

0

0

0

0

0

0

2,041,625 2,139,867

30,850,699 32,017,026

16,546,066 16,662,466

1,550,329 3,680,615

335,738 1,927,194

10,644,795 14,926,466

928,209 1,268,620

32,892,309 32,892,309

(2,130,286)

(1,591,456)

(4,281,671)

Income Statement Revenues Expenses

83,860,186 109,174,343

149,644,804 174,958,961

50,097,624 46,511,171

3,757,410 22,933,227

Net Income

(25,314,157)

(25,314,157)

3,586,453

(19,175,817)

(98,242)

(1,166,327)

(116,400)

(340,411)

0

6/8/12@7:59 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 7 of 14

Stanford Services Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

Services Holding w/Elim

Services Holding

SFGC

SA LLC

SA 5555 LLC

SA II LLC

SA III LLC

S Aircraft LLC

S Fondos SA de CV

SDC

SFGL

SAL

SPPL

Stanford Svcs Ecuador

Stanford Corp Svcs VZ

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

29,297,770 30,077,269 17,081,718 25,263,471 0 109,444,069 33,800,367 11,476,124

29,297,770 30,077,269 17,081,718 34,635,160 0 109,444,069 33,800,367 11,476,124

13,157,107 4,501,331

90,860 832,349

3,218,393 328,972

1,609,447 186,290

501 115,897

3,218,393 314,001

33,148,105 30,707,131 961,571

26,626,659

13,971,744

6,717,715

7,723,390

13,960,862

Total Assets

256,440,788

255,275

410,380

205,226

77,865

410,356

62,295

265,812,477

110,938,394

27,805,143

17,929,489

8,718,678

7,917,653

17,903,612

3,476,119

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

0 10,726,056 12,860,316 122,872,461 6,366,258

0 10,726,056 12,860,316 122,872,461 6,366,258

3,189,870 888,762 49,521,282 4,797,754

236,000

1,152,531

67,406

77,790

1,489,272

24,471,602 55,830

15,888,510 195,608

6,536,095 5,951

8,099,270 6,335

15,888,510 88,851

Total Liabilities

152,825,091

152,825,091

58,397,668

24,763,432

17,236,649

6,609,452

8,183,395

17,466,633

1,106,314 492,220,795 0 8,096,198 (344,450,378) (53,357,232) 0

4,915,353 492,289,551 17,505,695 7,338,709 (355,731,023) (53,330,899) 0

10 392,077,951

3,809,039 68,756 2,181,751

126,060

869,329

(277,401) (114,401)

(216,017) (216,333)

28,463,149

92,828 0

186,870 671,849

3,366,595 8,332,005 17,081,718

(5,018) 17,419

2,838,175

122,478

990,191

604,957

544,409 3,005,648 79,629

17,776

1,209,566

4,301,851

32,410,004

152,655

5,357,869

55,962 14,118

62,196 6,627

115,288 15,508

26,306 12,029

5,092 86,718

49,364

166,019

87,462

5,215

278,542 30,796 271,115 138,632

9,991

3,969,801 11,805,758 2,196,077 759,246

119,444

234,842

218,258

43,550

719,085

101,801

18,730,882

10,000 33,788,204

1,000,000 51,852,014

1,000

95,304

2,450,772

12,051,854

(28,276,710) (1,454,485)

(16,330,413) (4,329,855)

(1,817,232) (524,435)

(8,128) (6,474,625) (930,317)

4,651,338 (302,833) (176,366)

2,865,666 455,330

(283,766) 135,533

4,081,228 51,370

564,332 14,590,253

100,743 41,599

2,244,268 87,588 7,139,629

4,274,940

24,626,070

3,306,345

9,371,689

9,371,689

Liabilities and Shareholders Equity

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

103,882 (292,362,712) (47,278,405)

15,185,130

(856,575)

(12,418,971) 275,552

1,776,872 (227,457)

(113,903) 41,378

Total Shareholders Equity

103,615,697

112,987,386

52,540,726

3,041,711

692,840

2,109,226

Total Liabilities and Shareholders Equity

256,440,788

265,812,477

110,938,394

27,805,143

17,929,489

8,718,678

Equity to Asset Ratio

40.41%

42.51%

47.36%

10.94%

3.86%

24.19%

(265,742) 7,917,653 -3.36%

(757,489) (31,225) 267,594

3,349,106 1,114,147 1,336,631

0

3,809,039 68,756 17,505,695 (757,489) (11,280,645) 26,333 0

436,979

3,356,675

4,067,009

32,191,746

109,105

4,638,784

4,173,139

5,895,188

9,371,689

17,903,612

3,476,119

4,301,851

32,410,004

152,655

5,357,869

4,274,940

24,626,070

9,371,689

2.44%

96.56%

94.54%

99.33%

#DIV/0!

86.58%

0

0

0

0

0

0

0

0

0

0

5,216,691 4,941,139

2,222,286 2,449,743

1,081,143 1,039,765

1,086,000 1,200,401

2,162,286 2,378,619

1,061,556 793,962

513,230 1,967,715

1,759,608 6,089,463

(81) 524,354

(1,454,485)

(4,329,855)

(524,435)

97.62%

23.94%

100.00%

0

0

0

0

2,802,600 3,732,917

440,367 616,733

15,570,922 14,234,291

8,621,333 8,595,000

(176,366)

1,336,631

26,333

Income Statement Revenues Expenses

101,777,547 155,134,779

110,398,880 163,729,779

76,482,272 123,760,677

Net Income

(53,357,232)

(53,330,899)

(47,278,405)

275,552

(227,457)

41,378

(114,401)

(216,333)

267,594

(930,317)

6/8/12@7:59 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 8 of 14

Stanford EDC Companies Consolidated - Balance Sheet as at December 31, 2008 expressed in USD

EDC Companies w/ Elim

EDC Companies

R. Allen Stanford LLC w/Elim

Stanford Intl Resort Holding w/Elim

(CDH)

(Stanford 20/20 LLC)

Stanford STX Resort Holdings

Stanford Sports & Ent. Holdings

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

930,001 13,196,403 0 0 0 69,287,564 0 1,135,022

930,001 13,196,403 0 0 0 69,287,564 0 1,135,022

726,398 12,074,180 0 0 0 54,945,649 0 1,037,951

94,613 1,122,223 0 0 0 2,336,285 0 62,811

(31,260)

Total Assets

84,548,990

84,548,990

68,784,178

3,615,932

0 6,854,043 (27,580,677) 53,804,325 6,174,771

0 6,854,043 (27,580,677) 53,804,325 6,174,771

0 6,748,368 (32,367,886) 37,165,972 6,172,219

0 14,726 2,512,538 0 (3,790)

39,252,462

39,252,462

17,718,673

2,523,474

1,030 3,266,648 96,048,331 0 (10,314,826) (43,704,655) 0

1,030 3,266,648 96,048,331 0 (10,314,826) (43,704,655) 0

0 0 78,865,930 0 (2,173,655) (25,626,770) 0

0 0 4,689,847 0 (591,314) (3,006,075) 0

Total Shareholders Equity

45,296,528

45,296,528

51,065,505

1,092,458

11,900,091

Total Liabilities and Shareholders Equity

84,548,990

84,548,990

68,784,178

3,615,932

11,991,040

140,250

12,001,021

4,609

21,279

12,981

11,991,040

157,840

0

Liabilities and Shareholders Equity Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities Total Liabilities Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

Equity to Asset Ratio

53.57%

53.57%

74.24%

30.21%

90,949 2,274,671 16,638,353 6,342 90,949

18,919,366

0

1,030 3,266,648 12,492,554 (592,463)

99.24%

(7,549,857) (14,479,347) (18,761,526)

0

157,840 -11886.41%

0 #DIV/0!

Income Statement Revenues Expenses

176,645,347 220,350,002

176,645,347 220,350,002

Net Income

(43,704,655)

(43,704,655)

174,569,913 200,196,683 0 (25,626,770)

0 3,006,075

152,870 745,333

1,922,564 16,401,911

(3,006,075)

(592,463)

(14,479,347)

0

6/8/12@8:00 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 9 of 14

R. Allen Stanford, LLC Consolidated - Balance Sheet as at December 31, 2008 expressed in USD SFGGM & SGA: Combined Activity

R. Allen Stanford LLC w/Elim

R. Allen Stanford Consol., LLC

R. Allen Stanford, LLC

Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

726,398 12,074,180 0 0 0 54,945,649 0 1,037,951

725,398 50,941,090 0 0 0 54,945,649 0 1,037,951

1,000 700

Total Assets

68,784,178

107,650,088

1,700

0 6,748,368 (32,367,886) 37,165,972 6,172,219

0 6,748,368 6,498,058 37,165,972 6,172,219

1,666

17,718,673

56,584,617

0 0 78,865,930 0 (2,173,655) (25,626,770) 0

0 0 78,864,930 0 (2,173,655) (25,625,804) 0

Total Shareholders Equity

51,065,505

Total Liabilities and Shareholders Equity

68,784,178

SFGGM LLC

SGA LLC

SREA LLC

SSS LLC

Eliminations

Assets 409,417 17,653,267

314,137 32,549,096

36,065,966 431,166

1,844 738,727

38,867,610

18,879,683 (2,800)

609,585

0

54,559,816

32,860,433

20,229,839

38,867,610

6,734,821

250 5,419,259

13,297 1,078,799

38,867,610

37,165,972 6,140,902

8,538

22,779

1,666

50,041,695

5,428,047

1,114,875

1,000

54,470,012

1,000

24,393,918

Liabilities and Shareholders Equity Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities Total Liabilities Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

Equity to Asset Ratio

74.24%

38,867,610

(966)

(914,778) (49,037,113)

27,431,386

(1,258,877) (4,020,077)

51,065,471

34

4,518,121

27,432,386

19,114,964

0

107,650,088

1,700

54,559,816

32,860,433

20,229,839

38,867,610

47.44%

2.00%

8.28%

83.48%

94.49%

0.00%

0 Income Statement Revenues Expenses

174,569,913 200,196,683

174,569,913 200,195,717

966

132,239,187 181,276,300

42,232,410 14,801,024

98,316 4,118,393

Net Income

(25,626,770)

(25,625,804)

(966)

(49,037,113)

27,431,386

(4,020,077)

0

0

6/8/2012@8:28 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 10 of 14

Stanford International Resort Holding Consolidated - Balance Sheet as at December 31, 2008 expressed in USD Stanford Intl Resort Holding w/Elim

Stanford Intl Resort Holding

SCI LLC

TIC LLC

Eliminations

Assets Cash and Cash Equivalents Due from Related Parties Financial Assets at Fair Value Investments Loans and Advances Fixed Assets Notes Receivable Other Assets

94,613 1,122,223 0 0 0 2,336,285 0 62,811

94,613 1,122,223 0 0 0 2,336,285 0 0

93,063 1,083,221

1,550 39,002

125,429

2,210,856

Total Assets

3,615,932

3,553,121

1,364,524

2,251,408

Liabilities Deposits from Clients Accounts Payable Due to Related Parties Notes Payable Other Liabilities

0 14,726 2,512,538 0 (3,790)

0 14,726 2,512,538 0 (3,790)

14,726 1,266,932

1,245,606

Total Liabilities

2,523,474

2,523,474

0 0 4,689,847 0 (591,314) (3,006,075) 0

0 0 4,689,847 0 (591,314) (3,006,075) 0

Total Shareholders Equity

1,092,458

1,092,458

86,656

1,005,802

0

Total Liabilities and Shareholders Equity

3,615,932

3,615,932

1,364,524

2,251,408

0

62,811 0

Liabilities and Shareholders Equity

Shareholders Equity Share Capital Share Premium - Paid in Capital Members Equity Reserves Retained Earnings Current Net Income Minority Interest

Equity to Asset Ratio

30.21%

30.75%

(3,790) 1,277,868

1,245,606

3,275,294

1,414,553

(232,962) (2,955,676)

6.35%

0

(358,352) (50,399)

44.67%

Income Statement Revenues Expenses Net Income

0 3,006,075

0 3,006,075

2,955,676

50,399

(3,006,075)

(3,006,075)

(2,955,676)

(50,399)

0

6/8/12@8:00 PM

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 11 of 14

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 12 of 14

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 13 of 14

Case 4:09-cr-00342 Document 875-1

Filed in TXSD on 06/13/12 Page 14 of 14

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