Lawyer hopes to return $1.5B to Stanford investors
Associated Press Writer
DALLAS — The lawyer charged with tracking down money lost in R. Allen Stanford's alleged Ponzi scheme says he hopes to gain control of more than $1.5 billion to return to jilted investors.
Court-appointed receiver Ralph Janvey filed a report in federal court in Dallas, outlining his plan to go after $1.5 billion and provide allegedly defrauded investors with a return of 20 cents on the dollar.
But a lawyer appointed to represent investors rejected Janvey's plan as troubling and said the billion-dollar figure is "something of a fantasy." Examiner John Little said investors should prepare to receive as little as 2 cents on the dollar.
Janvey has about $71 million in cash on hand and is pursuing the rest through lawsuits and other means.
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