Headquarters of the U.S. Securities and Exchange Commission in Washington, D.C. (Photo: Diego M. Radzinschi/ALM)
The receiver in the Stanford International Bank’s Ponzi scheme announced settlements totaling $1.6 billion with the remaining bank defendants.
On the eve of a long-awaited multibillion-dollar trial in Securities and Exchange Commission v. Stanford International Bank et al. over claims that three banks helped Allen Stanford run a 20-year scam that victimized more than 18,000 investors, Stanford receiver Ralph Janvey and the Official Stanford Investors Committee reached settlements of $1.345 billion.
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