Tags: Switzerland | Stanford | Ponzi | scheme

Swiss: Money Laundered From Stanford Ponzi Scheme

Monday, 10 Mar 2014 09:56 AM

The office of Switzerland's attorney general says its criminal investigation into former Texas tycoon R. Allen Stanford's massive Ponzi scheme has concluded that some of the victims' money was laundered in Swiss accounts.

The office says the investigation since February 2009 is completed and all of the assets remaining in Switzerland will be returned to fraud victims.

It said Monday that Stanford Group (Suisse) AG was fined 1 million Swiss francs ($1.1 million) and ordered to pay between 6 million and 9 million francs in claims. It has provided American authorities with banking documents and hearing transcripts for use in U.S. criminal proceedings.

The U.S. Supreme Court ruled last month that Stanford's victims can go forward with class-action lawsuits against those that allegedly aided the $7.2 billion fraud.

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The office of Switzerland's attorney general says its criminal investigation into former Texas tycoon R. Allen Stanford's massive Ponzi scheme has concluded that some of the victims' money was laundered in Swiss accounts.
Switzerland,Stanford,Ponzi,scheme
128
2014-56-10
Monday, 10 Mar 2014 09:56 AM
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