Efforts to compensate victims of Ponzi fraudster Allen Stanford have recouped more than $1bn, lawyers for a court-appointed receiver have revealed
It is the largest such recovery other than than made on behalf of victims of Bernie Madoff Pic: APRalph Janvey, the receiver for Stanford Financial Group, has been trying to recoup money for investors since 2009.
Kevin Sadler, a partner at law firm Baker Botts representing Mr Janvey, said in an interview:"When the receivership started, the receiver found only $63m in a bank that was supposed to be holding more than $7bnThe threshold was crossed when $65m was received from a June 2016 settlement with insurers including Lloyd's of London, which won final court approval in January after years of legal wrangling.
Mr Janvey is involved in litigation over further attempts to recover money including a $4bn lawsuit against five banks, among them HSBC and Societe Generale. The money he has recouped so far is the largest such effort other than that set up in the wake of the uncovering of another fraudster, Bernie Madoff - which has clawed back $18bn for victims.
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