Stanford Ponzi Receiver Doubles Down On Clawback Claim
By Martin O'Sullivan (January 26, 2017, 2:46 PM EST) -- The receiver for R. Allen Stanford's $7 billion Ponzi scheme on Wednesday urged a Texas federal judge to force an investor to repay $88.2 million, saying that a jury's recent finding blocking the attempted clawback actually proved the investor knew about the plot.
A Texas federal jury found earlier in January that billionaire Gary Magness shouldn't have to return $88.2 million in loans from a bank affiliated with Stanford's $7 billion scheme, saying that although investment vehicles owned by Magness had notice of the Stanford empire's potential fraud, it would have been futile for Magness to attempt to investigate. Receiver Ralph...
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