Louisiana Found Not Liable in Multi-Billion Dollar Ponzi Scheme

It's only been 15 years since the Stanford Trust Ponzi scheme stole over $7 billion from average Americans. It was 2009, while the world was recovering and dealing with the subprime mortgage crisis Robert Allen Stanford became the target of several investigations which led to him being charged with fraud involving $7 billion in certificates of deposits purchased at Stanford Financial Group institutions. While Mr. Stanford has been charged with prison time already other lawsuits and court cases that spun out of this nightmare have continued for 15 years. One of those cases has declared that the Louisiana Office of Financial Institutions will not be responsible for reimbursing the $400 million in assets stolen from Louisiana residents.

The case was heard over three weeks where the jury reviewed 10 days worth of testimony. Ultimately the jury found that the Office of Financial Institutions had no civil liability in the case. Louisiana Attorney General Liz Murrill commented "The just system did not break down. I'm grateful for the jurors' hard work and service in this difficult manner. Standford was a criminal con man who bilked investors for his personal gain. And for that, he is serving 100 years in prison."

This decision came as a massive blow to the plaintiffs who were victims of Stanford's Ponzi scheme, this is the first case spun out of this disaster to be heard in court. Over 15 years of fighting for some sort of recompense it took a Supreme Court case in 2014 just to allow this case to happen, and now the results of the Jury's decision have left the state feeling quite relieved and those ripped off on their investments without any return.