Receiver Targets Stanford Ally For Ponzi Gains

Law360, New York (March 9, 2010, 2:28 PM EST) -- The court-appointed receiver working to recover funds Stanford International Bank Ltd. allegedly stole from investors in an $8 billion Ponzi scheme has sued Wealth Management Services Ltd., claiming the firm received upwards of $10 million for its role in the purported fraud.

Owned and operated by former Stanford financial adviser David Nanes, WMSL got rich through fees it extracted from selling SIB certificates of deposit to investors, receiver Ralph Janvey said in a complaint filed Monday in the U.S. District Court for the Northern District of...
To view the full article, register now.