SocGen Ordered to Return $150 Million of Allen Stanford Ponzi Cash
- Bank ordered to hand over $150 million first requested in 2012
- Allen Stanford stashed $330 million in foreign bank accounts
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Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep.
The court ruled that Societe Generale failed to do proper due diligence before accepting Stanford’s money. The bank’s Swiss unit had argued that it had acted in good faith and that it had a valid claim to the assets, partly based on a loan to the businessman.