Stanford Ponzi scheme News

TD, Other Banks Reach $1.35B Settlements to End Stanford Litigation

Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier’s massive Ponzi scheme. Canada’s Toronto-Dominion Bank will pay $1.205 billion, HSBC Holdings Plc will pay $40 …

Stanford Ponzi Scheme Recovery Tops $1 Billion With Help From Insurers

A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford’s Ponzi scheme, the largest by dollar amount other than Bernard Madoff’s fraud, the receiver’s lawyers said on Monday. The threshold was crossed when Ralph …

3-Month TD Bank Trial in $4.5B Stanford Ponzi Scheme Closes

TORONTO — The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages, is expected to end on Wednesday. A …

Court Relieves Insurers of $65 Million Payment Linked to Stanford Ponzi Scheme

A federal appeals court on Monday threw out a settlement requiring insurers to pay $65 million to a court-appointed receiver for companies once run by Allen Stanford, the Texas financier serving a 110-year prison term for running a large Ponzi …

Supreme Court Rejects Stanford’s Appeal of Ponzi Scheme Conviction

The U.S. Supreme Court on Monday rejected Texas financier Robert Allen Stanford’s bid to overturn his conviction and 110-year prison sentence for running what prosecutors called a $7.2 billion Ponzi scheme that bilked investors in 113 countries. The justices left …

Willis to Pay $120 Million to Settle Claims Over Stanford Ponzi Scheme Role

The insurance brokerage Willis Towers Watson Plc has agreed to pay $120 million to settle litigation accusing it of helping now-imprisoned Texas financier Allen Stanford run a $7.2 billion Ponzi scheme, court papers show. The papers, in which Willis denied …

Stanford Scheme Victims Not Eligible for Securities Coverage: Court

A U.S. appeals court dealt a blow to the victims of Allen Stanford’s Ponzi scheme on Friday, ruling that they are not 0eligible under federal law to file claims seeking compensation for their losses. The decision by the U.S. Court …

SEC Battles Industry Fund over Stanford Victims’ Claims

U.S. regulators sought to overturn a 2012 court ruling that prohibited victims of Allen Stanford’s $7 billion Ponzi scheme from seeking compensation, in an unprecedented legal battle between the government and an industry-backed fund that protects investors. In oral arguments …

Ex-Stanford Executive Gets 5 Years in $7B Swindle

The star prosecution witness in the trial of convicted Texas financier R. Allen Stanford was sentenced Tuesday to five years in prison for helping to bilk investors out of more than $7 billion in one of the biggest Ponzi schemes …

2 Former Stanford Executives Convicted of Fraud

Two former associates of R. Allen Stanford have been convicted of fraud for trying to help the imprisoned U.S. financier conceal a $7 billion Ponzi scheme. Prosecutors in Houston say 70-year-old Gilbert Lopez Jr. and 40-year-old Mark Kuhrt were both …