Receiver sets Stanford goal
Published:Friday | October 30, 2009 | 5:53 PM
The receiver for the Allen Stanford Empire has set a target of US$1.5 billion for return to fleeced investors.
Officials say Ralph Janvey has filed a report in the federal court in Dallas outlining his plan to go after that amount and provide investors a return of as much as 20 cents on the dollar.
John Little, a lawyer appointed to represent investors, has described the goal as a fantasy.
US authorities have accused Allen Stanford of leading a seven billion dollar Ponzi scheme by promising inflated returns on deposits at his offshore bank in Antigua.
The ex-financier has denied the allegations.