Antigua St. john's - Stanford investors have started getting some money back, after more than 4.5 years.
Nonetheless, the amounts being returned to them are merely a pittance in comparison to their investments in the $7 billion Ponzi Scheme.
According to information online, the largest claim paid out was about $50,000 and the smallest was $2.81. The average claim was said to be in the range of $1,000 to $4,000.
One investor, British retiree Kate Freeman, was quoted as saying, "After nearly five years, it's just the biggest disappointment — isn't it? — that this is all we're getting.”
Freeman lost $820,000.
An attorney for Ralph Janvey said he expected about $1 M to be distributed within the next few months.
David Arlington said, "Obviously it's a huge milestone in this receivership to be able to begin making payments to investors. We're pleased with the fact that we are doing that.”
R Allen Stanford is serving 110 years in prison after being convicted on 13 fraud-related charges.
However, liquidators in Antigua said they will not begin distributing funds until November or December.
Marcus Wide, of the Stanford International Bank Joint Liquidators, could not give a figure for the distribution however.
R Allen Stanford is serving 110 years in prison after being convicted on 13 fraud-related charges.
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