July 1, 2019

Cassidy, Kennedy Announce Swiss Court Orders Release of Stanford Ponzi Scheme Funds

WASHINGTON—U.S. Senators Bill Cassidy, M.D. (R-LA) and John Kennedy (R-LA) today announced a major development in the recovery of stolen funds from the Stanford Ponzi Scheme. The Swiss Federal Office of Justice has ordered Societe Generale (SocGen) Private Banking in Switzerland to hand over US$105.7 million, currently held in two Stanford International Back Limited’s accounts, to U.S. authorities.

SocGen conducted foreign banking for Allen Stanford despite a report from their hired private investigation firm stating that “Stanford International Bank has had a somewhat dubious reputation for many years,” had been used to launder considerable volumes of criminally obtained funds, and SocGen should be concerned that “it would be very difficult for [SocGen] to defend itself or its reputation should any problems arise in the future.” 

“This is a welcome decision that brings some justice to thousands of Louisiana families victimized by the Stanford Ponzi Scheme,” said Dr. Cassidy. “No doubt SocGen will challenge this ruling, but I urge the Swiss courts to carry out this decision. I will continue to fight for the Stanford victims and the return of as much of stolen funds as possible.”

“This is great news for the many people across Louisiana who were left in financial ruin by the Stanford Ponzi scheme.  Allen Stanford robbed middle class families of their life savings,” said Senator Kennedy. “ I won’t rest until those victims are made whole.” 

This decision comes after Cassidy and Kennedy contacted  SocGen to demand the return of the funds stolen from victims of the Stanford Ponzi Scheme. In April, Cassidy met directly with attorneys representing SocGen to reaffirm this demand.