COLUMBUS, Miss. (WCBI) — Victims of the $7 billion Stanford Financial Group investment scam lose another fight in their 5-year effort to get some small part of their money back.
A federal appeals court judge has ruled the victims aren’t covered by the Securities investment Protection Corporation because the certificates of deposit sold by Stanford went through Stanford International Bank, which isn’t covered by the fraud funds.
Stanford had offices in Tupelo and Columbus.
Former CEO Allen Stanford is serving 110 years in prison for masterminding the scheme that bilked more than 22,000 investors worldwide and as many as 4,000 in Mississippi of their life savings.