By Jonathan Stempel
January 30, 2025 – 7:16 AM PST
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(Reuters) – A federal judge ordered an end to the U.S. Securities and Exchange Commission’s 16-year-old lawsuit over Allen Stanford’s $7.2 billion Ponzi scheme, directing the financier and two former colleagues to pay sums that will go largely uncollected.
In a decision on Wednesday, Chief Judge David Godbey of the Dallas federal court imposed a $5.9 billion civil fine on Stanford, who is serving a 110-year prison sentence after being convicted in 2012 of defrauding about 18,000 investors.
Godbey ordered Stanford Financial Group’s former chief financial officer James Davis to pay $17.66 million, including a $5 million fine, and former chief accounting officer Gilberto Lopez to pay $3.42 million over their roles in the fraud.
Authorities said Stanford…
