Robert Allen Stanford, Federal prison inmate and mastermind behind a Ponzi scheme which allegedly cost Southeast Louisiana investors several billion dollars as part of an overall estimated loss of $7 billion to all investors in the scheme. On July 23, 2024, sixteen (16) years after the scheme collapsed, the class action lawsuit of his victims against the Louisiana Office of Financial Institutions (OFI) commenced.
In today’s Sound Off Louisiana feature, founder Robert Burns provides an overview of August 7, 2024 proceedings of Lillie et. al. vs. Louisiana Office of Financial Insertions (OFI):
Highlights of August 7, 2024 proceedings of Lillie et. al. vs. OFI.
As referenced on the video, TD Bank, along with three other banks, reached a $1.6 billion settlement prior to a Federal trial in Texas for which investors would receive a net $1.38 billion, or roughly 19 percent of their losses.
As mentioned on the video, R. Allen Stanford filed a Federal suit to block the settlement. He lost at the trial court level and the appeals court level, and the U. S. Supreme Court declined to hear his appeal. As his last-ditch effort, Stanford filed this U. S. Supreme Court Writ of Certiorari seeking a rehearing.
Click here for Karyl Van Tassel’s webpage at her employer.
Links for attorney arguing their clients case:
Plaintiffs: Phil Preis and his daughter, Caroline Graham.
Defendant: Dennis Blunt, Nena Eddy, and Michael Victorian.