Wednesday, 6 May 2015
Last updated 2 hours ago
Mar 11 2014 | 8:13am ET
Swiss authorities have fined Ponzi schemer R. Allen Stanford's operations in the country, with pledges to use the proceeds to help his victims.
Switzerland's Office of the Attorney General said it had fined Stanford Group one million Swiss francs (US$1.1 million), following a five-year-long investigation. The firm must also pay between six million and nine million francs in compensatory claims.
Stanford was arrested in 2009, the year Switzerland opened its probe, and convicted of fraud in 2012. He is currently serving a 110-year prison sentence. The Swiss fine is for aggravated money laundering, the Attorney General said, adding that the five-year-old asset freeze on Stanford Group's money has been lifted, with the 200 million francs contained therein turned over to the country's regulator.
That additional money will also go to victims once the bankruptcy proceedings at Stanford International Bank are completed.
Switzerland's move follows a U.S. Supreme Court ruling that will allow Stanford investors to sue the fraudster's service providers.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…