More than 1,000 Louisianans to receive payout from $110M Allen Stanford Ponzi scheme

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

MADISONVILLE, LA – On Thursday, Sen. John Kennedy, a member of the Senate Banking Committee, announced that $110 million will be returned to victims of Robert Allen Stanford, who coordinated the second-largest Ponzi scheme in U.S. history.

“Allen Stanford’s victims have suffered too long, and it’s past time Societe Generale return their money. I hope to see this $110 million back in the hands of the victims by year’s end. Even then, however, there’s more work to be done to make right Stanford’s theft. I will continue working with Chairman Clayton and Attorney General Barr to prioritize the return of these stolen assets,” said Kennedy.

In June 2019, Swiss courts ordered Societe Generale (SocGen) to return $110 million in frozen assets from the Stanford Ponzi scheme. SocGen decided not to appeal the ruling. The Department of Justice must now work with Swiss authorities to liquidate these funds and return them to the victims.

More than 1,000 Louisianians from Baton Rouge, Covington and Lafayette lost significant amounts of their life savings to Stanford’s fraud.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Latest News

More News