US Wants Stanford On The Hook For $6B In Ponzi Scheme

Law360, New York (June 12, 2012, 12:14 PM EDT) -- In what they called a conservative estimate, U.S. prosecutors said Monday that convicted fraudster R. Allen Stanford should be forced to turn over $5.9 billion for running a massive Ponzi scheme that bilked investors out of more than $7 billion.

The figure represents the account balances left when Stanford International Bank Ltd. was placed in receivership in 2009, minus $1.3 billion in fictitious interest, according to the government's motion for a forfeiture order, which was filed ahead of Stanford's Thursday sentencing.

Prosecutors said in the filing...
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