News: Page (1) of 1 - 02/17/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

Investors bilked in $7B scheme feel forgotten

Investors attend Texas trial of $7B Ponzi scheme's alleged mastermind, say they feel forgotten By The Associated Press

HOUSTON (AP) ' Dozens of frustrated investors have crowded into a Houston courtroom to watch the trial of Texas tycoon R. Allen Stanford, who is accused of bilking thousands of people in a $7 billion Ponzi scheme.

Retired IBM engineer Jim Eccles says he spent hours on a bus for one reason: to see the man who stole his life savings.

The 76-year-old was among about 40 investors at the trial Friday to highlight their plight. It's been three years since Stanford's vast business empire began to be dismantled, yet they've received nothing.



The recovery process has been complicated by conflicts in securing Stanford's assets, which are scattered across several countries. There's also a legal fight over whether some investors are entitled to a special fund that protects customers of failed brokerage firms.


Page: 1


Related Keywords:Stanford Trial,Legal proceedings,Law and order,General news

-->

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved