Stanford Receiver Tells Jury Investor Should Repay $90M

By Jess Krochtengel (January 9, 2017, 10:26 PM EST) -- The receiver for the $7 billion Ponzi scheme run by R. Allen Stanford asked a Texas federal jury Monday to allow him to recoup nearly $90 million from a billionaire investor who allegedly learned insider information that tipped him off Stanford was running a fraud.

Kicking off a trial expected to last about a week and a half, receiver Ralph Janvey told jurors investor Gary Magness knew or should have known Stanford International Bank Ltd. was insolvent and engaged in fraudulent activity at the time his investment vehicles — GMAG LLC, Magness Securities LLC and Mango Five Family Inc. in its...

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