HOUSTON (Reuters) - Life isn't easy for Ralph Janvey, the court-appointed receiver now overseeing the financial empire of Texas billionaire Allen Stanford, accused by US regulators of carrying out a massive Ponzi scheme.

Janvey, a straight-talking, Dallas-based lawyer and adjunct law professor at Southern Methodist University, has taken the helm of Stanford Financial Group, after a US judge tapped him to serve as the receiver, with final say over Stanford's vast estate of offices, island properties, yachts and castles.

So far, he has been sued by angry investors and had to fire 1,000 Stanford employees on Friday.

"Imagine being thrust in at the top of this company right now," said Michael Goldberg, an attorney with Akerman Senterfitt in Miami, who has served as a receiver in many other SEC cases. By all measures of the law Janvey "is Stanford now", Goldberg said.

It is not the best time to take charge.

The company is in "dire" financial condition, with "tens of millions of dollars" in unpaid bills, Janvey reported to US Judge David Godbey last week. There is mounting evidence that estate assets will only provide a "fraction" of amount needed to cover claims, Janvey said. On Friday, Janvey slashed 1,000 Stanford jobs — about 85 percent of the company's workforce.

US securities regulators have accused Stanford, his college room-mate and three of their companies of carrying out a "massive Ponzi scheme" over at least a decade and misappropriating at least $1.6 billion of investors' money.

Charles Meadows, a Dallas-based lawyer representing Stanford, said in a filing that the allegations against his client are "false and the SEC has presented no evidence of any such Ponzi scheme". Janvey did not respond to multiple interview requests.

Alan Bromberg, a professor at the Dedman School of Law at SMU, once taught Janvey as a law student and described him as "one of the best I've ever had."

Now Bromberg is filling in for Janvey's evening class on regulation of securities markets — with about 25 students.

After being appointed receiver, Janvey "just called me and said 'Can you pick up my class on Monday'," Bromberg said.

Now, Janvey must scour the globe and attempt to return assets to bereaved investors, field angry calls and e-mails from shareholders who have had access to their accounts frozen and decide the eventual fate of the company.

"He's got poor people who think their life savings are gone calling him and trying to speak to him," Goldberg said. "He's getting barraged by thousands of e-mails and hundreds of phone calls."

To make matters worse a group of Stanford clients last week sued Janvey, the SEC and the US Marshals office for freezing their assets.

Janvey must wage legal skirmishes on multiple fronts, including an altercation over 101 gold bars worth $3 million that are the foundation of an upcoming exhibit at the Gagosian Gallery in New York.

Bringing some measure of relief, Judge Godbey last week ordered the release of about $500 million from Stanford customer brokerage accounts held by Pershing LLC that had been subject to a court-ordered freeze since February. Less than a month into his new job, Janvey has been very busy. Janvey told Judge Godbey last week that he's changed the locks at Stanford offices, hired guards, locked away gold coin and bullion (Stanford Coins and Bullion Inc dealt in precious metals), and copied the contents of 300 computer hard drives.

"I take very seriously my responsibility as the receiver," and all his actions are "aimed at maximising the recovery by innocent claimants", Janvey said in a court filing.