It will take at least five years to locate funds lost by investors in the alleged $8bn “Ponzi” scheme run by Texan billionaire Sir Allen Stanford, warned court-appointed liquidators of the offshore bank at the heart of the purported scheme. Antigua-based Stanford International Bank had hundreds of millions of dollars of assets in its name, compared with about $7.2bn owed to depositors, said Nigel Hamilton-Smith, a client partner at UK-based Vantis Business Recovery Services.

This entry was posted by Gwen Robinson on Friday, April 17th, 2009 at 4:45 and is filed under Capital markets, People. Tagged with Stanford International Bank. Edit this entry.