Stanford Receiver to Investors: Don’t Expect Much Back
Under the most optimistic scenario, as much as 20 cents on the dollar could be returned to victims of the investment fraud that brought down Stanford Financial Group.
That’s among the findings in a status report filed in the Texas court where federal regulators are trying to prove Stanford was a financial house of lies built on an illusion of wealth. The status report was prepared by Dallas attorney Ralph Janvey, the court-appointed receiver whose team is mopping up what’s left of the network of assorted companies under the Stanford nameplate.
His estimate that investors could get back up to 20 percent of every dollar invested is based on recovery efforts to date and doesn’t include future assets his team may acquire. But that’s not exactly a reason for investors to break open the bubbly.
Memphis Daily News
11/4/9
Magnolia Tribune
