In February, when the Securities and Exchange Commission took over the global empire of Texas businessman R. Allen Stanford, investors in certificates of deposit sold by Antigua-based Stanford International Bank learned that their money had likely vanished. The supposedly ultra-safe investment, prosecutors and the SEC allege, was actually an $8 billion Ponzi scheme.
Now those same investors may be facing a second hit, as the receiver charged with recovering any money that might be left over from Stanford’s scheme is accused of bungling the job. And the fact that the lawyers and accountants working for the receiver are trying to collect millions in fees isn’t likely to make the investors feel better.
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