Stanford Bank Demands £75M From HSBC Over Ponzi Scheme

Law360, London (April 2, 2019, 4:31 PM BST) -- A lender that went bust after its senior executives were implicated in a fraudulent Ponzi scheme has sued HSBC for more than £75 million ($98 million) at the High Court in London for allegedly processing the company’s missing money through its accounts.

Stanford International Bank Ltd. — whose former chairman R. Allen Stanford is serving a 110-year prison sentence in the U.S. — claims that HSBC “turned a blind eye” to allow questionable payments to be made in and out of its accounts, and in doing so breached its contract and acted negligently.

Stanford International, which is incorporated in Antigua, entered...

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