A federal judge in Dallas has ordered five national political party committees to return $1.75 million in donations and interest they received from disgraced financier Allen Stanford.

Charged with masterminding an $8 billion Ponzi scheme, Stanford’s trial was delayed for a second time this week so that he can recover from an addition to anti-anxiety meds.

U.S. District Judge David C. Godbey said the committees must return the money to a court-appointed receiver so that he can disburse it to victims.

The committees had been fighting the return of the money, the Washington Post reported:

“Although as innocent beneficiaries ... [of Stanford’s funds] the Political Committees deserve some sympathy,” they are not entitled to special treatment exempting them from an obligation to give back funds that appear to have been derived from a Ponzi scheme, Godbey said.

The Democratic Senatorial Campaign Committee must return the largest amount, $950,000. Read more here.

The losses to Stanford victims in Lafayette and across the state are estimated at $1 billion. A recent decision by the Securities and Exchange Commission, however, is likely to result in many of them receiving up to $500,000 in insurance benefits.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 21.77 0.00 (0.00%)
o Frank's International 20.25 ▲0.15 (0.75%)
o IberiaBank Corp 65.16 0.00 (0.00%)
o LHC Group 25.76 0.00 (0.00%)
o MidSouth Bancorp 19.12 0.00 (0.00%)
o Petroquest Energy 6.39 0.00 (0.00%)
o PHI Inc. 39.99 0.00 (0.00%)
o Superior Energy 35.64 0.00 (0.00%)
o Stone Energy 34.98 0.00 (0.00%)
o Facebook Inc. 75.97 ▲0.01 (0.01%)
o Twitter Inc. 48.17 0.00 (0.00%)
o Gannett 34.08 0.00 (0.00%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:21.77 Trade time:4:00PM EDT Value change:0.00 (0.00%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:20.25 Trade time:4:02PM EDT Value change:▲0.15 (0.75%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:65.16 Trade time:4:00PM EDT Value change:0.00 (0.00%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:25.76 Trade time:4:00PM EDT Value change:0.00 (0.00%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.12 Trade time:4:01PM EDT Value change:0.00 (0.00%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:6.39 Trade time:4:01PM EDT Value change:0.00 (0.00%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:39.99 Trade time:4:00PM EDT Value change:0.00 (0.00%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:35.64 Trade time:4:03PM EDT Value change:0.00 (0.00%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:34.98 Trade time:4:00PM EDT Value change:0.00 (0.00%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:75.97 Trade time:4:00PM EDT Value change:▲0.01 (0.01%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:48.17 Trade time:4:01PM EDT Value change:0.00 (0.00%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:34.08 Trade time:4:04PM EDT Value change:0.00 (0.00%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement