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Showing posts with the label $7 billion swindle

$7 billion swindle

$7 Billion Swindle, Investors in a $7 billion Ponzi scheme orchestrated by former Texas tycoon R. Allen Stanford could finally begin getting back some of what they lost in the next few months, after a recovery process that has dragged on for more than four years. Investors — some of whom lost their life savings — will see only a pittance of what they put into the scheme. But the process got a boost this week as parties that had been battling each other for control of about $300 million in frozen foreign bank accounts and other assets once owned by Stanford reached an agreement to work together......theoaklandpress. “The freeing up of funds ... is a good thing,” Angela Shaw, a Dallas-area woman who founded the Stanford Victims Coalition after three generations of her family lost $4.5 million in the fraud, said Friday. In a Ponzi scheme, money from new investors is used to pay old ones. Prosecutors said Stanford persuaded investors to buy certificates of deposit, or CDs, from his bank o