The threshold was crossed when Ralph Janvey, the receiver for Stanford Financial Group, received $65 million from a June 2016 settlement with insurers including Lloyd's of London, which won final court approval in January after years of litigation.
Janvey expects to distribute money from the settlement in the first quarter of 2022. As of April 29, he had received court approval to distribute about $550 million, and had distributed $443 million. Once considered a billionaire but later declared indigent, Stanford, 71, is serving a 110-year prison sentence following his 2012 conviction for running a $7.2 billion Ponzi scheme affecting approximately 18,000 former investors.
Prosecutors said Stanford sold fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank, and used investor money to make risky investments and fund a lavish lifestyle."When the receivership started, the receiver found only $63 million in a bank that was supposed to be holding more than $7 billion," Kevin Sadler, a Baker Botts partner representing Janvey, said in an interview.
He is also working with the Official Stanford Investors Committee on a $4 billion lawsuit against five former Stanford banks including HSBC
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