» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 172 | Wednesday, September 04, 2013

Investors in $7 Billion Swindle Start Getting Payouts

JUAN A. LOZANO | Associated Press

Print | Front Page | Email this story | Comments ()

HOUSTON (AP) – Investors in a $7 billion Ponzi scheme orchestrated by R. Allen Stanford are starting to get back some of the money the former Texas financier squandered.

Many who lost their life savings in Stanford's scam will receive a fraction of the money they invested.

Court documents show that the largest claim being paid out in the first distribution of funds is about $50,000. The smallest is $2.81.

The first distribution of funds – about $1 million – is being made by a court-appointed receiver.

Separately, liquidators Tuesday in the Caribbean nation of Antigua – where Stanford's fraudulent bank was located – said they plan to make their initial distribution by the end of the year.

Stanford was sentenced last year to 110 years in prison on 13 fraud-related counts.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 94 157 3,912
MORTGAGES 130 209 5,475
FORECLOSURE NOTICES 21 21 1,221
BUILDING PERMITS 178 178 9,317
BANKRUPTCIES 65 108 3,764
BUSINESS LICENSES 48 74 1,628
UTILITY CONNECTIONS 87 194 5,137
MARRIAGE LICENSES 23 49 1,073

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.