Banking and Finance

Recent Posts

Questions About Stanford's Competency Linger as January 2012 Trial Date Appears Uncertain
Posted on 1 Dec 2011 by Jordan D. Maglich

A Texas businessman scheduled to stand trial in January 2012 to face charges he orchestrated a $7 billion Ponzi scheme is not competent to stand trial, according to his attorney. Disgraced financier R. Allen Stanford, 61, has remained in federal custody... Read More

Stanford Files 299-Page Appeal of 110-Year Sentence
Posted on 7 Oct 2014 by Jordan D. Maglich

The man convicted of running the second-largest Ponzi scheme in history has filed a 299-page appeal in a last ditch effort to reduce or reverse his 110-year sentence. R. Allen Stanford filed his appeal last month with the U.S. Court of Appeals for the... Read More

Appeals Court Rules Stanford Victims Ineligible For SIPC Coverage
Posted on 18 Jul 2014 by Jordan D. Maglich

A federal appeals court affirmed that victims of Allen Stanford's massive $7 billion Ponzi scheme - the second largest scheme in history behind only Bernard Madoff's scheme - are not "customers" of Stanford's American-based bank... Read More

Stanford Receiver Proposes Claims Process for Victims
Posted on 17 Nov 2011 by Jordan D. Maglich

The Receiver tasked with marshaling and distributing assets to victims of R. Allen Stanford's alleged $7 billion Ponzi scheme has filed papers asking a U.S. judge to approve a proposed plan to review and pay claims by victims. In a filing in the... Read More

Jury Finds That Stanford Must Turn Over $330M in 29 Foreign Financial Accounts
Posted on 9 Mar 2012 by LexisNexis® Mealey's™ Legal News

HOUSTON - (Mealey's) Two days after finding Texas financier R. Allen Stanford guilty on 13 criminal charges relating to his operation of a massive Ponzi scheme, a federal jury in Texas on Mar. 8 returned a special verdict finding that Stanford... Read More

Jury Selection in Stanford Trial Set to Begin Jan. 23
Posted on 23 Jan 2012 by Jordan D. Maglich

The trial of disgraced financier R. Allen Stanford is set to begin Jan. 23 as prosecutors claim the once-billionaire swindled investors out of more than $7 billion in one of the largest Ponzi schemes in history. Delayed by over a year as questions... Read More

Golf Channel Must Repay Nearly $6M in TV Ad Money to Stanford Receiver, Says Appeals Court
Posted on 16 Mar 2015 by Jordan D. Maglich

A federal appeals court has ordered The Golf Channel to repay nearly $6 million it received as payment for TV advertisement services from convicted Ponzi schemer Allen Stanford, finding that the advertisement services provided no value to Stanford's... Read More

Insurance Company and Law Firms to Pay $45 Million to Settle Stanford Lawsuits
Posted on 2 Jun 2015 by Jordan D. Maglich

A national accounting firm and two law firms will pay $45 million in separate settlements over claims that they knowingly participated and assisted in the massive $7 billion Ponzi scheme perpetrated by Allen Stanford. The settlements mark a much-needed... Read More

Stanford Ruled Competent to Stand Trial in January 2012; Attorneys Seek Delay
Posted on 3 Jan 2012 by Jordan D. Maglich

"He wants to con his way out of this case the same way he conned investors for more than 20 years...Don't let him do it." - Assistant U.S. Attorney Gregg Costa A Houston federal judge ruled that R. Allen Stanford, accused of masterminding... Read More