Reuters

Allen Stanford’s Ponzi scheme recovery tops $1 billion

A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford’s Ponzi scheme, the largest by dollar amount other than Bernard Madoff’s fraud, the receiver’s lawyers said on Monday. The threshold was crossed when Ralph Janvey, the receiver for Stanford Financial Group, received $65 million from a June 2016 settlement with insurers including Lloyd’s of London, which won final court approval in January after years of litigation. As of April 29, he had received court approval to distribute about $550 million, and had distributed $443 million.

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