A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford's Ponzi scheme.
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 threshold was crossed when the receiver for Stanford Financial Group, Ralph Janvey, 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.
Janvey expects to distribute money from the settlement in the first quarter of 2022.
As of April 29, he had received court approval to distribute about $550 million, and had distributed $443 million.
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