Fugitive Stanford Ponzi Scheme Exec Liable For $14M
By Jess Krochtengel (October 6, 2016, 8:22 PM EDT) -- A Texas federal judge on Wednesday found an executive for the Latin America branches of Stanford International Bank Ltd. liable for nearly $14 million for his role in the Ponzi scheme run by R. Allen Stanford, though the man remains an international fugitive.
David Nanes, the former president and director of several of Stanford's Latin America branches, was found to be an alter ego for his company Wealth Management Services Ltd. and held liable for a $12.3 million judgment against the business. Nanes must also return $1.6 million he was paid in fraudulent transfers from the Stanford scheme, according to an...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!