The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
The U.S. Supreme Court let aggrieved investors in R. Allen Stanford’s $7 billion Ponzi scheme sue outside companies and law firms alleged to have played a role in the fraud, dealing a setback to the securities industry.
Victims of R. Allen Stanford’s $7 billion Ponzi scheme can sue outside companies and law firms alleged to have played a role in the fraud, the U.S. Supreme Court ruled, dealing a setback to the securities industry.
Eric A. Bloom, who presided over Sentinel Management Group Inc.’s collapse seven years ago, has watched as the U.S. economy faltered then rebounded, awaiting judgment on whether he was a victim of the crisis, or one of its causes.
R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud, appeared in an October 2008 video shown to his jury decrying “damn greed” on Wall Street as the financial crisis deepened.
An Antiguan judge who is also the island’s top banking regulator told the jury at R. Allen Stanford’s investment fraud trial that he repeatedly tried to influence the agency that oversaw his banking operations there.
R. Allen Stanford, whose lawyers failed to convince a judge that he’s mentally unfit to stand trial, was ordered to face a jury next month on charges he swindled investors of more than $7 billion. The trial is to begin with jury selection on Jan. 23.