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allegedly existed between Guardian Bank and Stanford Financial,
Stanford Financial provided administrative and management
services to Guardian Bank. Stanford Financial provided no
services to any other company.
Guardian Bank, Guardian Services, and Stanford Financial
shared an office in Montserrat. Also, Guardian Bank maintained
an administrative office in Mexia, Texas, and a representative
office in Houston, Texas. Guardian Services maintained a
representative office in Miami, Florida, and Stanford Financial
maintained a representative office in Mexia, Texas.
A separate set of books and records was maintained for each
of Guardian Bank, Guardian Services, and Stanford Financial.
Under Montserrat law, neither Guardian Services nor Stanford
Financial obtained banking licenses, and therefore neither
presumedly was permitted to engage directly in banking activity
on behalf of Guardian Bank.
Because some banks in Montserrat engaged in disreputable
banking practices, in the late 1980's, the Montserrat Government
began considering and adopting policies and legislation
restricting the activity of foreign owned banks in Montserrat.
Specifically, the Montserrat Government began considering
legislation that would preclude direct ownership of banks by
foreign individuals and that would restrict direct marketing by
or on behalf of foreign owned banks that were based in
Montserrat.
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Last modified: May 25, 2011