R. Allen Stanford, the Texas financier convicted last year of leading an investment fraud scheme, was ordered to disgorge more than $6.7 billion by the judge in a U.S. Securities and Exchange Commission lawsuit.
R. Allen Stanford’s Antiguan- appointed liquidators agreed to stop seeking control of the convicted financier’s assets in a deal that may allow defrauded investors to recover some of the $300 million Stanford stashed in accounts outside the U.S.
R. Allen Stanford’s receiver and investors’ committee sued Antigua, the Eastern Caribbean Central Bank and 23 former Stanford Financial Group Co. executives over allegations they aided the financier’s $7 billion fraud.
R. Allen Stanford’s former chief accounting officer, Gilbert Lopez, 70, and his former controller, Mark Kuhrt, 40, were sentenced to 20 years in prison for helping to conceal Stanford’s $7 billion Ponzi scheme.
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.
California and New York, along with Florida, agreed to join more than 40 other states in a nationwide settlement 16 months in the making that seeks to end abusive bank foreclosure practices that followed the collapse of the housing bubble, a person familiar with the matter said.
R. Allen Stanford’s defrauded investors must repay any interest they earned on the bogus certificates of deposit at the heart of the convicted Texas financier’s $7 billion Ponzi scheme, a Dallas judge ruled.
Former Stanford Financial Group Co. finance chief James M. Davis is seeking a prison sentence 26 years shorter than the potential 30-year term he agreed to after pleading guilty to his role in a $7 billion investor fraud, citing his cooperation with prosecutors.