There's always a domino effect in today's interconnected economy. This article describes how the crackdown on the Stanford Financial Group affected a planned exhibit of gold bought through Stanford Coins & Bullion. -Editor A purchase by Gagosian Gallery of $3 million in gold blocks for an upcoming exhibit has been frozen because they were bought from a company owned by accused swindler Allen Stanford, court papers filed Friday showed.
Last week, the U.S. Securities and Exchange Commission charged Texas billionaire Allen Stanford, two associates and three of his companies with "massive, ongoing fraud." The commission got a temporary order to freeze Stanford's assets.
The Gagosian Gallery, which has galleries in New York, Beverly Hills, London and Rome, said it had been unfairly ensnared in the litigation.
In January, Gagosian bought 100 1-kg (2.2-lb) gold bars, from Stanford Coins & Bullion, a subsidiary of another Stanford company.
The parties agreed the money would be wired to Stanford Coins and then transferred to the Dillon Gage Group, an unrelated dealer of rare coins and metals, according to Gagosian's court papers.
But the dealers have refused to send the gold to Gagosian, citing the order to freeze Stanford's assets.
To read the complete article, see: Gagosian Gallery seeks gold frozen in Stanford case (http://www.forbes.com/feeds/reuters/2009/02/27/
Wayne Homren, Editor
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