Stanford Receiver Files Clawback Suit Against Investors

More than 200 investors in Texas billionaire Allen Stanford's alleged Ponzi scheme face a new lawsuit from the court-appointed receiver who is gathering assets from the Stanford empire.

The investors managed to cash in their Stanford certificates of deposit before regulators moved in in February, but receiver Ralph Janvey says the proceeds are, in fact, "little more than stolen money" from other investors in the alleged scheme.

In the suit, filed in U.S. District Court in Dallas, Janvey seeks more than $545 million in CD proceeds that he says should be distributed equally among all of Stanford's 28,000 investors.

This is the second time Janvey has gone after the investors. A federal appeals court threw out the first "clawback" case last month, agreeing with the investors that they are innocent victims in the case. The new suit takes a more aggressive approach, alleging the investors received the funds fraudulently, at the expense of the majority of Stanford clients.