Receiver Goes After Stanford Investors' Profits

Law360, New York (July 16, 2009, 3:35 PM EDT) -- The receiver in charge of Robert Allen Stanford's assets has sued five Stanford International Bank Ltd. investors, claiming they profited from Stanford's alleged $8 billion Ponzi scheme and seeking to recover the funds for distribution to victims of the scheme.

In the complaint, filed Wednesday in the U.S. District Court for the Northern District of Texas, receiver Ralph Janvey does not accuse the investors of participating in Stanford's scheme.

However, Janvey said, it would not be fair to let them keep the profits, which total over...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.