Ten years after the second biggest investor fraud in U.S. history, victims of the $8 billion Ponzi scheme run by disgraced financier R. Allen Stanford have recovered practically nothing, court records show.
That's in stark contrast to the substantial recoveries on behalf of victims of the Bernard Madoff scam, which became public two months earlier.
The difference has enraged Stanford's victims — many of whom were retirees who had been sold "safe" investments — and has some lawmakers still calling for reforms.
"The only true justice Stanford's victims could ever see is in getting their savings back," said Angela Shaw, whose family lost millions in the collapse. "Sadly, all they have seen and can expect to see is a few pennies on the dollar."
A group of U.S. House members is preparing to ask the Securities and Exchange Commission to step up its efforts to aid the victims, according to a draft letter obtained by CNBC.
In February 2009, the SEC was already under scrutiny for its mishandling of the Madoff case, which broke two months earlier. With the financial crisis in full swing, speculation was swirling around Stanford, a Texas billionaire who had built a sprawling financial empire on his offshore bank in Antigua. Stanford, who referred to himself as "Sir" Allen Stanford after receiving a knighthood from the tiny Caribbean nation, styled himself as an international man of mystery who promoted the game of cricket and just might be a CIA operative (he was not).