Monday, 18 May 2015

US firms pay $2.7m in settlement over Ponzi schemes

The two Louisiana firms have not admitted liability but have agreed to pay at least $1m each to settle claims that their conduct helped jailed former billionaire Allen Stanford operate a gigantic Ponzi scheme. 

 Adams and Reese is paying $1m while Breazeale Sachse & Wilson will pay $1.7m. The claims were brought by an investors committee and a court-appointed receiver. The two firms are reported to have written opinion letters about the operations of Mr Stansford's scheme.

 Best interest 

 While neither practice accepted any liability, Breazeale's managing partner Scott Hensgens commented: 'However, after years of protracted litigation, we felt it was in the best interest of the firm to settle this matter.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum

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