Stanford Receiver Can't Claim $32M, Investors Tell 5th Circ.

Law360, Dallas (June 26, 2013, 8:16 PM EDT) -- Investors who profited under the R. Allen Stanford Ponzi scheme asked the Fifth Circuit on Tuesday to reverse an order that lets a receiver recover about $32 million to distribute to victims of the Stanford fraud, saying they shouldn’t be penalized for earning interest on CDs.

In a consolidated appeal, several subgroups of investors who bought CDs issued by the Antigua-based Stanford International Bank Ltd. said Stanford Financial Group receiver Ralph S. Janvey failed to meet his burden of proof under Texas’s fraudulent transfer act to...
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