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Government Court considers ending Stanford Ponzi scheme suits

Court considers ending Stanford Ponzi scheme suits

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

 

WASHINGTON (AP) — The Supreme Court is considering shutting down class-action lawsuits from investors who lost billions in former Texas tycoon R. Allen Stanford’s massive Ponzi scheme.

Justices listened to lawyers argue over whether lawsuit should proceed against individuals, law firms and investment companies that allegedly aided Stanford’s fraud. He was sent to prison after being convicted of what prosecutors termed a $7.2 billion Ponzi scheme on investors.

A lawyer for the defendants in the class-action suits said the lawsuits are blocked by the federal Securities Litigation Uniform Standards Act. But others argue the investment scheme is not covered by the law because the main part of the fraud involved certificates of deposit, not stocks and other securities.

Justices will make a ruling sometime next year.  


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