Societe Generale SA agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud.The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's app
Societe Generale SA agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud.
Money would go to a court-appointed receiver who is repaying victims of Stanford's fraud, which was uncovered in Feb. 2009, two months after the arrest of Bernard Madoff. Three other lenders - HSBC Holdings Plc, Toronto-Dominion Bank and Independent Bank, formerly known as Bank of Houston - face a scheduled Feb. 27 trial in the Houston court over their own relationships with Stanford.
Prosecutors said Stanford sold fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank, and used investor money to make risky investments and fund a lavish lifestyle.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ant-Man is first big film of 2023 with $139m opening in North AmericaLOS ANGELES – Walt Disney’s Ant-Man And The Wasp: Quantumania generated US$104 million ($S139...
Read more »
Fresh tech graduates from S’pore unis bag highest starting pay of over $5,600: SurveyThe overall median monthly gross starting pay of graduates across different sectors was $4,200 in 2022. Read more at straitstimes.com.
Read more »
SCDF officer charged with molesting woman at agency’s premises; he has been suspended on half paySCDF said the man has been suspended on half pay since Jan 13. Read more at straitstimes.com.
Read more »
More than $5,600: Fresh tech grads from Singapore universities bagging highest starting pay, survey findsSINGAPORE – Mr Fazirul Hanafe was in his last year of studies at the Nanyang Technological University (NTU) in November 2021 when he landed a job as software engineer at social networking company Meta. In fact, it was one of four job offers on his plate by the time he ended school. The 26-year-old graduate, who has a Bachelor of...
Read more »
Man: Cycling home after clubbing because I refuse to pay $40 for a Grab - Singapore NewsAdditionally, he burned 400 calories on his 16.68-kilometre ride home.
Read more »
HSBC cuts staff bonus pool, lifts CEO Quinn's total payLONDON : HSBC cut its annual bonus pool by 4 per cent to $3.4 billion in 2022, the bank said on Tuesday, as a global slump in dealmaking led it to trim awards for its bankers.Despite the overall bonus cuts for staff, Chief Executive Noel Quinn saw his pay package jump 14 per cent to 5.6 million pounds ($6
Read more »