The receiver in accused swindler Allen Stanford's fraud case said on Friday he has recovered nearly $2 million from certain investors who bought certificates of deposit from Stanford's offshore bank.
Ralph Janvey, the court-appointed lawyer charged with returning assets to investors, sued about 200 Stanford customers in December, accusing them of unfairly cashing out before Stanford's firm was shut down in February 2009, when the U.S. Securities and Exchange Commission filed civil fraud charges.
So far, Janvey has finalized more than 30 settlements totaling over $1.8 million and additional settlements totaling $1 million are expected soon, the lawyer said in a statement on his website.
Stanford, 59, is accused of running a $7 billion Ponzi scheme that prosecutors say relied on sales of fraudulent CDs issued by his offshore bank in Antigua.
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