…Montreal office shut down – regulator

OTTAWA, (Reuters) – The Montreal office of Stanford  International Bank Ltd has been shut down by a financial  receiver, a spokesman for Canada’s financial regulator said yesterday.

“I can confirm that the receiver has closed the bank’s rep  office in Montreal,” said Rod Giles, spokesman for the Office  of the Superintendent of Financial Institutions (OSFI).

The news came a day after OSFI announced the regulator  would allow the office to remain open on the condition that it  limit its activities to helping clients recover their  assets.

There have been no allegations or charges in connection  with the Montreal operations. The bank is not licensed to carry  out any banking transactions in the country but can promote its  products.
Regulators have seized Stanford’s banks and companies in  Antigua.

Canadian media reported that Montreal clients had found a  handwritten note taped to the door of the Stanford bank office,  referring them to British-based financial receiver Vantis  Business Recovery Services.

The Globe and Mail newspaper reported that Vantis has been  hired by the Antigua Financial Services Regulatory Commission,  which has jurisdiction over the Montreal offices of Stanford  because the parent is based in Antigua.     Officials from Vantis were on the Montreal premises  studying documents, according to an unnamed source cited by the  paper.

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