Angela Shaw came face-to-face with history’s second-largest Ponzi schemer, R. Allen Stanford, and tells about it in my column.
Shaw, whose family lost $4.5 million to Stanford, is the volunteer director of the Stanford Victim’s Coalition and a champion for all Stanford victims.
She has been so dogged that someone made this faux movie poster in her honor.
But the fight is far from over.
So far Stanford victims have collected little to none of the money they invested in bogus Stanford certificates of deposit.
The Securities and Exchange Commission has sued the Securities Investor Protection Corporation, demanding it pay Stanford claims. SIPC has argued that while parts of the Stanford empire are covered by SIPC, the Antiguan bank that issued his dubious CDs isn’t.
Meantime, liquidators hired by the island nation have sued the U.S. Department of Justice attempting to assert their own control on Stanford’s frozen funds.
Click here to read my column on Marketwatch.