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Investors in $7B swindle start getting payouts

September 03. 2013 3:37PM
Associated Press

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(AP) Investors in a $7 billion Ponzi scheme orchestrated by R. Allen Stanford are starting to get back some of the money the former Texas financier squandered.

Many who lost their life savings in Stanford's scam will receive a fraction of the money they invested.

Court documents show that the largest claim being paid out in the first distribution of funds is about $50,000. The smallest is $2.81.

The first distribution of funds about $1 million is being made by a court-appointed receiver.

Separately, liquidators Tuesday in the Caribbean nation of Antigua where Stanford's fraudulent bank was located said they plan to make their initial distribution by the end of the year.

Stanford was sentenced last year to 110 years in prison on 13 fraud-related counts.

Associated Press

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