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Stanford Investors Could Get 20 Cents On The Dollar, Or Not
Investors who lost money in what federal officials allege was a massive Ponzi scheme orchestrated by Mexia native R. Allen Stanford could get back 20 cents on the dollar, but one attorney calls that “something of a fantasy.”
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DALLAS (October 29, 2009)--The lawyer charged with the task of tracking down money lost in what authorities say was Mexia native 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, which would give the 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.
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