$1 billion in Stanford Ponzi scheme recovered, law firm announces. Billions more to go
Finding and seeing R. Allen Stanford used to be easy — just follow the smell of money to his $10 million Coral Gables home, his $6 million yacht, his three floors of offices in Citigroup Tower out of which he ran a $7 billion Ponzi scheme.
Nowadays, finding Stanford is much easier than seeing him — the U.S. Penitentiary Coleman isn’t accepting visitors during the pandemic — and recovering the money he ripped off from 30,000 investors has been almost as hard as seeing him. But the Stanford Financial Receivership’s law firm announced last month that recovery has passed the $1 billion mark.
The announcement came from Baker Botts law firm, the Houston-based law firm representing receiver Ralph Janvey.
Janvey passed $1 billion when he took in $65 million from a settlement agreement with Stanford Financial Group insurers. Baker Botts’ announcement says Janvey expects that money to be distributed in January through March of 2022. In the past, Janvey’s pulled back $65 million from Stanford employees and $200 million from Stanford’s law firms.
To get their piece, investors had to have filed claims by 2012.
March will mark a decade since Stanford’s convictions on 13 counts of fraud and sentencing to 110 years in prison.
He’s scheduled to get out March 13, 2103.
This story was originally published October 11, 2021 at 1:55 PM.
