Allen Stanford victims to receive US$55 mln under receiver plan

Roughly 18,000 defrauded investors in Allen Stanford’s US$7 billion Ponzi scheme would receive an initial payment of US$55 million for their claims, according to a plan submitted by a court appointed receiver on Friday….

A victim’s advocate group immediately criticized the plan, saying the fees involved in collecting the money far outweighed that payout. “To say the recovery of one penny on the dollar is disappointing is a dramatic overstatement,” Angela Shaw, the director the Stanford Victims Coalition, said in a statement.

via Allen Stanford victims to receive US$55 mln under receiver plan – Reuters