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You are here News International Swiss hand over remaining $150 million to U.S. from massive Ponzi scheme

Swiss hand over remaining $150 million to U.S. from massive Ponzi scheme

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Allen StanfordSwitzerland will return $150 million from blocked Swiss bank accounts by the end of the year to the United States to be given to victims of convicted Ponzi scheme con artist Robert Allen Stanford, the Federal Ministry of Justice said on Monday.

Stanford, a former Texas financier known primarily by his middle name, was convicted of fraud by a Houston jury in 2012 in what prosecutors called a $7.2 billion fraud that lasted two decades and which was eclipsed in size only by the Ponzi scheme run by Bernie Madoff.

About $50 million had previously been returned, the justice ministry said.

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