Stanford Ponzi scheme News

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 …

Judge Lets Claim Against U.S. Over Stanford Ponzi Scheme Go Ahead

A lawsuit claiming U.S. securities regulators were negligent in failing to respond earlier to Allen Stanford’s $7 billion Ponzi scheme can go forward for now, a federal judge ruled in Florida on Friday. U.S. District Judge Robert Scola rejected the …

Stanford’s Lawyers Plan to Appeal 110-Year Sentence

Former billionaire Allen Stanford was sentenced in Houston to 110 years in prison on July 14 for running a $7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean. His attorneys …

Willis Among Targets of Stanford Third Party Class Actions

Victims of Allen Stanford’s estimated $7 billion Ponzi scheme won a victory when a federal appeals court said they may pursue class-action litigation against third parties they believe aided in the now-convicted swindler’s fraud. The 5th U.S. Circuit Court of …