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Stanford Investors May Unlock Bank Accounts

Stanford Group Co. investors will soon submit a request to unfreeze around 3,000 bank accounts in a fraud suit against R. Allen Stanford.

Stanford filed papers last night that try to prove that a portion of the savings accounts are not involved in any fraud. This would allow some of Stanford’s customers to begin taking back their money.

If the portion of bank account holders do get their money back they must promise not to sue Stanford after the fact. I’d suggest to them that they start looking for CD rates from FDIC insured banks.

The U.S. Securities and Exchange Commission sued Stanford for massive fraud and froze all of his operations. It seems like more and more crooked bankers are coming out these days.