5th Circ. OKs Freeze On Stanford Brokers' Assets

Law360, New York (December 16, 2010, 8:45 PM EST) -- A federal appeals panel has sided with the court-appointed receiver trying to recover money for victims of Texas financier Robert Allen Stanford's alleged $8 billion Ponzi scheme, finding it was appropriate for a lower court to freeze the assets of 330 of Stanford's former employees.

The U.S. Court of Appeals for the Fifth Circuit ruled Wednesday that the lower court did not abuse its discretion in ordering the asset freeze, and that the preliminary injunction it issued was not overly broad.

In shooting down the employees'...
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