A receiver unraveling Sir Allen Stanford's business empire has urged 66 financial advisers to return 'huge' commissions and bonuses paid by the company.
The court-appointed official leading the quest to compensate victims hit by the Texan billionaire's investment fraud seeks to recover over $40m of commissions paid to brokers who solicited clients across the US, the FT reports. Brokers reportedly sold the financial products and certificates of deposit (CDs) at the centre of the alleged $8bn fraud. "The CDs sold to Stanford customers were not genuine investments, but rather, part of a massive Ponzi scheme that bilked investors out of billions of dollars," Dallas-based receiver Ralph Janvey claimed in a lawsuit. He says an "elaborate an...
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