Stanford Receiver Wins $123 Million Judgment Against Billionaire

Oct. 8, 2020, 7:56 PM

The receiver handling the aftermath of R. Allen Stanford’s $7 billion Ponzi scheme won a $123 million judgment against Gary Magness following a state court’s determination that the Colorado billionaire should’ve suspected fraud when he received a $79 million transfer from Stanford’s insolvent bank.

The U.S. Court of Appeals for the Fifth Circuit Thursday rendered judgment in favor of Ralph Janvey, who was appointed to head recovery for victims of Stanford’s schemes, run through his affiliate companies, including Stanford International Bank.

Jarvey’s attorney, Kevin Sadler of Baker Botts LLP, said in an email Thursday that the current amount owed is ...

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