The U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s $125 million judgment against Colorado billionaire Gary Magness for his role in the Stanford International Bank’s Ponzi scheme.
The Magness case is but one slice of a multibillion dollar years-long civil suit in which the Securities and Exchange Commission alleged that R. Allen Stanford, former chairman of the bank, and several of the company’s executives engaged in a $9.2 billion investment fraud.
