Stanford Advisers Hit With $40M Commissions Suit

Law360, New York (April 16, 2009, 12:00 AM EDT) -- The receiver for billionaire banker Robert Allen Stanford has sued 66 financial advisers at a Stanford International Bank Ltd. affiliate in connection with the financier's alleged $8 billion Ponzi scheme, aiming to recoup $40 million the advisers received for selling the bank's securities.

Ralph S. Janvey sued the advisers as relief defendants in the U.S. District Court for the Northern District of Texas on Wednesday in the hopes of recovering funds paid to the advisers as incentives for selling allegedly fraudulent certificates of deposit.

The financial...
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