Jailed Texas financier R. Allen Stanford and three executives -- all facing charges of bilking investors out of $7 billion in a huge Ponzi scheme -- will have to wait another five months before learning if they must foot their own legal bills. Federal Judge Nancy Atlas on Tuesday scheduled a September hearing to determine whether Stanford and the executives or insurer Lloyd's of London will pay. At that hearing, Atlas said, the insurer will have to prove how Stanford and the executives committed money laundering.
April 22, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Jailed Texas financier R. Allen Stanford and three executives — all facing charges of bilking investors out of $7 billion as part of a massive Ponzi scheme — will have to wait another five months before learning if they will have to foot their own legal bills.
U.S. District Judge Nancy Atlas on Tuesday scheduled a September hearing to determine whether Stanford and the executives or a British insurer will have to pay.
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