SCGLF - SocGen is ordered to give back $150M of cash deposited by Allen Stanford

Societe Generale (SCGLF) was ordered by a Swiss court to give up $150M deposited by Allen Stanford, who had been convicted of fraud eight years ago, and the bank was also reprimanded for failing to conduct proper due diligence before accepting the money.The bank "had to presume that the fund were criminal and should have at least been more careful in view of the clues of money laundering, which it did not do," three appeals court judges said in an Oct. 16 decision that was released today.The decision marks a win for the Stanford liquidators' efforts to claw back funds that the Antiguan-American businessman stashed into overseas accounts.It was discovered that Stanford hid a total of ~$330M in 29 foreign bank accountsStanford was convicted in 2012 and sentenced to 110 years in prison for running a 20-year-long, $7.1B Ponzi scheme.Although the bank's name was redacted from the decision, a common

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SocGen is ordered to give back $150M of cash deposited by Allen Stanford