Investors with Stanford accounts under $100,000 may get access to their funds as soon as Friday, a state official said Wednesday.
“(The receiver is working) to accelerate the March 16 date to release funds to folks by Friday,” Secretary of State Delbert Hosemann said.
Mississippians have $391 million managed by the Stanford Group. Hosemann has said 3,768 of the 4,524 Stanford accounts held by Mississippians are at or below $100,000.
“Getting the $100,000 and under (accounts released) really helps Mississippians a lot,” Hosemann said.
Much of the money has been frozen since Feb. 16 when three Stanford Financial companies, company chairman R. Allen Stanford, and two senior executives from Baldwyn were accused of an $8 billion Ponzi scheme promising inflated returns on CDs by the U.S. Securities and Exchange Commission.
Magnolia Tribune
