The unpublished opinion filed by a Fifth Circuit panel was the appellate court's third look at the Magness chapter of the Stanford Ponzi scheme and focused on an appeal by Magness to the district court's award of $45 million prejudgment interest.
September 12, 2022 at 03:53 PM
4 minute read
The U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s $125 million judgment against Colorado billionaire Gary Magness for his role in the Stanford International Bank’s Ponzi scheme.
The Magness case is but one slice of a multibillion dollar years-long civil suit in which the Securities and Exchange Commission alleged that R. Allen Stanford, former chairman of the bank, and several of the company’s executives engaged in a $9.2 billion investment fraud.
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R. Allen Stanford arrives for court at the Bob Casey Federal Courthouse in Houston on Jan. 23, 2012. Photo: Aaron M. Sprecher/Bloomberg
