Ballplayers Can Keep Millions; Invested in Stanford Scheme ; Court Scuttles Attempt to Seize Funds
The Washington Times › November 17, 2009
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Summary
Seven current and former major league baseball players, along with hundreds of other investors, can keep the millions of dollars they put into R. Allen Stanford's purported $7 billion Ponzi scheme, a federal appeals court has ruled.
The decision by the 5th U.S. Circuit Court of Appeals undercuts a central strategy of the lawyer appointed to take control of Mr. Stanford's assets, and one lawyer says it may set a precedent for how money can be recovered in future scams.See the full content of this document
Extract
Ballplayers Can Keep Millions; Invested in Stanford Scheme ; Court Scuttles Attempt to Seize Funds
The court's ruling came in response to receiver Ralph Janvey's efforts to seize the money hundreds of people made investing with Mr. Stanford and distribute the cash among the thousands of vi...
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