Lawyer wants $1.5B for Stanford investors

October 29, 2009 10:02:58 AM PDT
The lawyer charged with tracking down money lost in what authorities call R. Allen Stanford's Ponzi scheme says he hopes to gain control of more than $1.5 billion to return to jilted investors. Court-appointed receiver Ralph Janvey filed a report in federal court in Dallas, outlining his plan to go after $1.5 billion. That would give allegedly defrauded investors a return of 20 cents on the dollar.

Janvey has about $71 million in cash on hand and is pursuing the rest through lawsuits and other means.

John Little, a lawyer appointed to represent investors, says Janvey's recovery goal is "something of a fantasy" and says investors should prepare to receive as little as 2 cents on the dollar.

Stanford is in jail awaiting trial on related criminal charges in Houston.

      QUICK HEADLINES | MORE TEXAS | GET NEWS ALERTS
-----------------------------------------------------------------------------------------------
ABC13 SOCIAL NETWORKING
Find us on Facebook® | Follow us on Twitter | More social networking
-----------------------------------------------------------------------------------------------
MORE FROM ABC13
ABC13 widget | Most popular stories | Street-level weather
ABC13 wireless | Slideshow archive | Help solve crimes
-----------------------------------------------------------------------------------------------


Load Comments