Advisers urged to return 'huge' commissions from Stanford's firm

The court-appointed official leading the quest to compensate victims hit by the Texan billionaire's investment fraud seeks to recover over $40m of commissions paid to brokers who solicited clients across the US, according to the FT. "The CDs sold to Stanford customers were not genuine investments, but rather, part of a massive Ponzi scheme that bilked investors out of billions of dollars," Dallas-based receiver Ralph Janvey claimed in a lawsuit. He says an "elaborate and sophisticated" programme of incentives was used to keep brokers "highly motivated" to bring in new money, sell CDs an...