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...
To view the full article, register now.




Case Information

Case Title

USA v. Stanford et al

Case Number



Texas Southern

Nature of Suit

Date Filed

June 18, 2009

Government Agencies

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.