Switzerland compensates Victims in the Case of Allen Stanford
Bern, 10.3.2014 - The Office of the Attorney General of Switzerland (OAG) has investigated Switzerland’s connections to the multibillion investment fraud perpetrated by US investment broker Allen Stanford. The criminal investigation on suspicion of money laundering has been closed and all of the assets remaining in Switzerland will be given over to the benefit of the investment fraud victims. The company Stanford Group (Suisse) AG in Liquidation has been punished with a fine of CHF 1 million for aggravated money laundering and sentenced to pay compensatory claims in an amount of somewhere between CHF 6 and 9 million, as well as to bear the costs of the proceedings. The criminal prosecution of the Texan Allen Stanford and his two accomplices has been abandoned on grounds of their conviction in the USA.