Possible hope for ripped off investors

David Blake
April 15, 2019 - 6:18 pm

Louisiana U.S. Senator Bill Cassidy is hoping there be a breakthrough to get many Louisiana residents at least some of their money back from a giant Ponzi scheme.  

The convicted thief is Allen Stanford, who offered investors a deal that was way to good to be true and while he's serving a 110 year federal prison term Cassidy revealed they discovered  $140 million in a Swiss bank account.   

''So we are trying to look both at the bank to get them to release the dollars but also the receiver to make sure they are acting in the best interest of the victims not of the law firm,'' Cassidy said.

Cassidy says it is complicated with multiple lawsuits but he is optimistic some of stolen money can be retrieved.

''He ripped off a lot of people on the Gulf Coast, a lot of people, hundreds of millions of dollars,'' said Cassidy.

Stanford who ran a now defunct investment company was convicted on multiple counts and continues to serve a 110 year federal prison sentence.

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