CaribWorldNews, DALLAS, TX, Weds. Dec. 9, 2009: R. Allen Stanford`s court-appointed receiver is now suing more than 200 investors of the Antigua-based Stanford International Bank, Ltd.
Ralph Janvey in a revamped complaint filed in U.S. District Court in Dallas claims that the investors who got more money back from their Stanford CDs they purchased with the accused financier`s bank were unjustly enriched.
He is seeking the recovery of $93 million in profits they earned as part of $595 million in total proceeds they realized from the Antiguan CDs.
`The CD proceeds the Stanford investors received from SIBL were not, in fact, the actual principal or interest earned on the funds they invested. Instead the money used to make those payments came directly from the sale of SIBL CDs to other investors,` the complaint states.
The U.S. Securities and Exchange Commission has accused the former Sir Allen Stanford, two associates and three businesses, of operating a $7 billion fraud scheme.
Stanford has denied all allegations of wrongdoing. He is currently being held without bail in a Houston jail where he is awaiting a criminal trial that has yet to be scheduled.