Justices Dodge Magness’ Bid to Avoid Stanford Ponzi Judgment

Colorado billionaire Gary Magness lost his attempt to have the U.S. Supreme Court review a federal appeals court decision that he must pay back at least $79 million he received from R. Allen Stanford’s $7 billion Ponzi scheme.

The Supreme Court’s decision Monday not to take the case renders final an October 2020 judgment against Magness and his companies, including GMAG LLC, from the U.S. Court of Appeals for the Fifth Circuit.

After asking the Texas Supreme Court to weigh in on state law, the federal appeals court decided Magness couldn’t rely on Texas’ good faith defense to avoid liability ...