A small group of individuals, backed by hedge funds, is looking to recoup some of the money they lost to Stanford’s Ponzi scheme nearly a decade ago
In the decade since R. Allen Stanford’s international financial empire was exposed as a fiction, investors in his Ponzi scheme have recouped just a tiny fraction of the life savings many of them lost.
Now a small group of individuals, backed by hedge funds, is making a last-ditch effort to recover money from five banks that they contend turned a blind eye to Mr. Stanford’s fraud. In a lawsuit filed in Dallas federal court on Friday, these investors alleged that the banks “aided, abetted and conspired” with Mr. Stanford to...
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