While the scheming of Bernie Madoff has held the national spotlight over the years his was but one ponzi scheme running before the financial collapse of 2008. Texan Allen Stanford ran a massive $7 billion scheme for years before he too fell victim to an unsustainable plot and marched off to federal prison like his east coast spiritual brother in crime. But for the victims of Stanford, no amount of punishment for the ringleader would restore their lost money. But a recent settlement with lawyers and accountants that supported Stanford’s fraud will pay out $50 million in reimbursement to court appointed receivers. The money will be paid out on a rolling basis to the victims once court approval is received. Let us hope this new settlement will help the innocent victims come closer to regaining their original investment.
See David Lee, $50 Million Coming to Stanford Ponzi Victims, Courthouse News, February 18, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
