R. Allen Stanford: From Billions to Millions - OPM goes poof! (FP)

No real surprises I suppose.  This is another more or less fascinating story depending on your perspective. Phuking with Other People's Money (OPM) - along the same lines as Mr. Madoff. I worte earlier about this story (Any bets on where this man ends up?) and (What A Joke - Hopefully No One Is Surprised ...). From some $7B to several hundred million. That's a lot of cash to burn through.  Trust and confidence blown.  It not your money!

No pot of gold: Judge tells Standford receiver to stop looking and start paying

Richard Carson/Reuters

R. Allen Stanford arrives at federal court in Houston for a 2010 hearing. A federal judge now says the receiver searching for funds in the alleged Ponzi scheme should consider ending the search and pay out what's been recovered.

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Bloomberg News  Oct 14, 2011 – 10:32 AM ET

R. Allen Stanford’s court-appointed receiver may need to stop searching for a secret “pot of gold” and pay defrauded investors from the assets he has recovered so far, the judge overseeing the case said.

“I’m concerned the receiver is expending resources that could otherwise be distributed to investors trying to track down missing resources,” U.S. District Judge David Godbeysaid during a hearing on Thursday in Dallas for dozens of Stanford-related civil cases.

Stanford, 61, was sued by the U.S. Securities and Exchange Commission in February 2009 on claims he swindled investors of more than US$7-billion through allegedly bogus certificates of deposit at his Antigua-based Stanford International Bank.

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