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    ‘They’re fighting over our money’

    Court-authorized professionals cleaning up the debris of one of the largest Ponzi schemes in U.S. history have been paid $64.2 million — more than twice the amount returned so far to victims — and are seeking more compensation. Those professionals have recovered less than $300 million of the estimated $5.5 billion to $7 billion stolen from thousands of victims in Louisiana and in places as distant as Venezuela by convicted Houston swindler Robert Allen Stanford, whose company operated an office in Baton Rouge. Attorneys, accountants and investigators searching since February 2009 for the mountains of money had been paid $64.2 million of the victims’ money recovered by the end of 2013. More in The Advocate here.

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    U.S. Senate bid to aid Stanford victims fails

    The U.S. Senate overrode an attempt Tuesday by its two Louisiana members to stand up for victims of the $7 billion-plus Stanford investment scheme, although the defiance was largely symbolic and its futility does not directly affect the efforts of the victims to recover their losses. The Senate voted 48-46 to confirm President Barack Obama’s nomination of Sharon Bowen to a seat on the federal Commodities Future Trading Commission. Both senators from Louisiana — Democrat Mary Landrieu and Republican David Vitter — voted against Bowen. Democrats supplied all 48 “yes” votes. Landrieu and Democrats Bill Nelson, of Florida, and Jeanne Shaheen, of New Hampshire, and independent Bernie Sanders, of Vermont, joined Vitter and 41 other Republicans voting no. The CFTC had nothing to do with the Stanford swindle, a Ponzi scheme in which an estimated 1,000 to 2,000 investors in Baton Rouge, Lafayette, Covington and other parts of Louisiana were swindled out of between $500 million and $1 billion. That equates to an average loss of $250,000 to $1 million each. More in the New Orleans Advocate here.

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    James Gill: Stanford scandal touches election season

    It’s been five years since Allen Stanford’s massive Ponzi scheme unraveled, but his victims, many of them in Louisiana, have failed to get a penny back. Investors who were similarly swindled by Bernard Madoff in New York, however, qualified for payouts up to $500,000 from the Security Investors Protection Corporation. Louisiana’s U.S. senators, thirsting either for justice or votes, have taken up the cause. Although they may not be able to spring any money for constituents suckered by Stanford, they can seek a measure of revenge for the SIPC’s refusal to bail out the investors he left in the lurch. More in the IND here.

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    Baton Rouge victims of Stanford financial fraud meet with Sen. Vitter to push for compensation

    Investors who lost millions of dollars by purchasing fraudulent certificates of deposit from Allen Stanford’s Texas-based financial firm are fighting the nomination to a federal board of a lawyer who they say fought compensation from an industry-financed reimbursement fund. Some of them met in Baton Rouge Thursday with Sen. David Vitter, R-La. They encouraged Vitter to keep up his fight against the nomination of Sharon Bowen, acting chair of the Securities Investment Protection Corp., which oversees the reimbursement fund for fraudulent investment schemes, to a seat on the federal Commodity Futures Trading Commission. The SIPC successfully went to federal court to fight reimbursement of Stanford victims. In 2012, Allan Stanford, the former board of directors chairman of Stanford International Bank (SIB), was sentenced to 110 years in prison for what the federal government said was orchestrating a 20-year investment fraud scheme in which he misappropriated $7 billion to finance his personal businesses. Many of the victimized investors are from Baton Rouge and Lafayette. More on Nola.com here.

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    Tiger Woods Charity Accused Of Keeping Stanford Funds

    The receiver for Robert Allen Stanford filed an adversary suit against the Tiger Woods Foundation in Texas federal court Tuesday, claiming the charity collected more than $500,000 in fraudulent transfers from the notorious Ponzi schemer’s companies. Ralph Janvey, who was appointed to oversee Stanford International Bank Ltd. and its affiliated entities in February 2009, claims that the nonprofit organization founded by the famous golfer and a related company, Tiger Woods Charity Event Corp., accepted two transfers totaling $502,000 from Stanford Financial Group Co. at an unspecified date. More on Law360 here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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