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TD Bank faces Stanford Ponzi scheme liquidators seeking $4 5-billion in trial

TD Bank faces Stanford Ponzi scheme liquidators seeking $4.5-billion in trial Nichola Saminather Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer Chris Wattie/Reuters Toronto-Dominion Bank should be held liable for more than US$4.5-billion of losses at the collapsed Antigua bank of former Texas financier Robert Allen Stanford, lawyers for its liquidators argued in a Canadian court on Monday. The joint liquidators of Stanford International Bank (SIB) allege negligence and “knowing assistance” by TD, Canada’s second-biggest lender, in allowing SIB to maintain a correspondent account that Mr. Stanford used to perpetrate fraud, according to opening arguments made in the Ontario Superior Court of Justice.

Antigua and barbudaUnited statesCayman islandsBritish virgin islandsAllen stanfordRobert allen stanfordJames shanahanEdward jonesDominion bankOntario superior courtStanford international bankGrant thorntonSociete generaleTd bankTd bank ponzi schemeStanford ponzi scheme

TD Bank faces Stanford Ponzi scheme liquidators seeking US$5 5 billion in trial

Toronto-Dominion Bank will defend itself in a trial starting in a Canadian court on Monday in which liquidators of the collapsed Antigua bank of .

Antigua and barbudaUnited statesCayman islandsBritish virgin islandsNichola saminatherAllen stanfordRobert allen stanfordDominion bankOntario superior courtStanford international bankToronto dominion bankGrant thorntonSociete generaleReporting by nichola saminatherBill berkrotBusiness and finance

UPDATE 1-TD Bank faces Stanford Ponzi scheme liquidators seeking $4 5 bln in trial

(Recasts with opening argument; Adds change in damages sought, analyst comment, shares) TORONTO, Jan 11 (Reuters) - Toronto-Dominion Bank should be held liable for more than $4.5 billion of losses at the collapsed Antigua bank of former Texas financier Robert Allen Stanford, lawyers for its liquidators argued in a Canadian court on Monday. The joint liquidators of Stanford International Bank (SIB) allege negligence and “knowing assistance” by TD, Canada’s second-biggest lender, in allowing SIB to maintain a correspondent account that Stanford used to perpetrate fraud, according to opening arguments made in the Ontario Superior Court of Justice. Stanford is serving a 110-year prison term after being convicted in 2012 of running a $7.2 billion Ponzi scheme.

Antigua and barbudaUnited statesCayman islandsBritish virgin islandsNichola saminatherAllen stanfordRobert allen stanfordJames shanahanEdward jonesThomson reuters trust principlesDominion bankOntario superior courtStanford international bankGrant thorntonSociete generaleReporting by nichola saminather editing

Switzerland Hands Over $150 Million To US From Allen Stanford Ponzi Scheme

Switzerland Hands Over $150 Million To US From Allen Stanford Ponzi Scheme
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United statesBernie madoffRobert allen stanfordRobert allenஒன்றுபட்டது மாநிலங்களில்பெர்னி மடோஃப்ராபர்ட் ஆலன் ஸ்டான்போர்ட்ராபர்ட் ஆலன்

Switzerland says US will get $150M related to Ponzi scheme by the end of the year

Switzerland says US will get $150M related to Ponzi scheme by the end of the year Justine Coleman © Getty Images Switzerland says US will get $150M related to Ponzi scheme by the end of the year Switzerland s Federal Ministry of Justice said on Monday that the U.S. will get $150 million from previously blocked bank accounts by the end of 2020 to go to victims of Ponzi scheme artist Robert Allen Stanford. The justice ministry announced that the Swiss criminal court s October rejection of appeals in the case attempting to stop asset seizures allows for the $150 million to be returned before December ends on Thursday, Reuters reported.

United statesSociete generaleAllen stanfordRobert allen stanfordSwitzerland federal ministry of justiceStanford international bankGetty images switzerlandRobert allenFederal ministryFrench societe generaleஒன்றுபட்டது மாநிலங்களில்சமூகம் ஜெநர்யால்ஆலன் ஸ்டான்போர்ட்ராபர்ட் ஆலன் ஸ்டான்போர்ட்சுவிட்சர்லாந்து கூட்டாட்சியின் அமைச்சகம் ஆஃப் நீதிஸ்டான்போர்ட் சர்வதேச வங்கி