Close Menu
Asberth News Network
    Facebook Instagram
    • Home
    • Privacy Policy
    • Terms of use
    • Download App
    Facebook Instagram
    Asberth News Network
    • Home
    • Latest News
    • Breaking News
    • Local News
    • Regional/International News
    • Sports
    • Opinion
    • Back to School
    Asberth News Network
    Home»News»Regional/International News»Swiss hand over remaining $150 million to U.S. from massive Ponzi scheme
    Regional/International News

    Swiss hand over remaining $150 million to U.S. from massive Ponzi scheme

    December 28, 2020No Comments2 Mins Read
    Facebook Twitter LinkedIn Email Telegram WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Switzerland will return $150 million from blocked Swiss bank accounts by the end of the year to the United States to be given to victims of convicted Ponzi scheme con artist Robert Allen Stanford, the Federal Ministry of Justice said on Monday.

    Stanford, a former Texas financier known primarily by his middle name, was convicted of fraud by a Houston jury in 2012 in what prosecutors called a $7.2 billion fraud that lasted two decades and which was eclipsed in size only by the Ponzi scheme run by Bernie Madoff.

    About $50 million had previously been returned, the justice ministry said.

    In October, the Swiss criminal court had rejected appeals against the seizure of the assets, paving the way for the remaining $150 million to be returned by the end of December, the ministry said.

    Stanford, now serving a 110-year prison term, had stashed millions from his Antigua-based Stanford International Bank at the Swiss arm of French bank Societe Generale, which he tapped regularly to fund a fleet of private jets and a 100-foot yacht, according to U.S. District Court filings from 2012.

    “The release (of the blocked funds) became possible after the American financier Allen Stanford’s fraud conviction became permanent,” the Swiss justice ministry said in a statement on Monday.

    According to a 2012 sentencing memorandum, U.S. federal prosecutors said Stanford was a “ruthless predator” who routed $116 million in … proceeds “through a Swiss slush fund he controlled at Societe Generale”.

    Societe Generale spent years fighting allegations that it had not adequately upheld its anti-money laundering obligations in accepting Stanford’s money, Swiss court filings show.

    A bank spokesman contacted by Reuters declined to comment on Monday.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    St Lucia PM  Announces VAT Removal on Select Food Items by July 1

    May 20, 2025

    US forges ahead with 104% tariffs on China, says willing to talk to other countries

    April 8, 2025

    Trinidad Prime Minister calls   Election – April 28th,2025

    March 18, 2025

    CARPHA Strengthens Regional Laboratory Network with Key Meeting in Trinidad and Tobago

    August 17, 2024
    Add A Comment

    Comments are closed.

    • Home
    • Latest News
    • Breaking News
    • Local News
    • Regional/International News
    • Sports
    • Opinion
    • Back to School
    Our Socials
    • Facebook
    • Instagram
    ANN

    Asbert News Network is the premier destination for local, regional and international news in St. Vincent and the Grenadines. It’s tomorrow’s news today.

    © 2025 Asbert News Network
    • Home
    • Privacy Policy
    • Terms of use
    • Download App

    Type above and press Enter to search. Press Esc to cancel.