Estimates of Allen Stanford Losses May Fall Far Short

Potential losses to U.S. investors in Texas financier Allen Stanford's alleged Ponzi scheme are far more widespread than initially feared, according to a new analysis obtained by CNBC.

The analysis by Dallas attorney Ralph Janvey, the court-appointed receiver who is trying to recover funds for the alleged victims, says balances in U.S. accounts totaled more than $2.66 billion at the time Stanford's offshore bank was shut down by authorities in February.

Earlier estimates suggested U.S. investors lost around $1.5 billion.

A spokeswoman for Janvey confirmed the new figures, but noted, "The exact amount of losses and claims by U.S. investors has yet to be fully calculated."

The analysis says the losses occurred in more than 7,000 accounts in 46 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The largest concentration of accounts was in Florida, with more than 2,400 accounts totaling $857 million.

Louisiana follows with 1,810 accounts purportedly worth $561 million, followed by Texas with 1,290 accounts valued at nearly $583 million.

The new figures further complicate the question of whether some investors who managed to withdraw their funds prior to the firm's collapse should be required to return the money so it can be distributed among all the victims.

Janvey has said the proposed "clawbacks" are essential to his goal of getting investors 20 cents on the dollar.

On Monday, a three-judge panel of the Fifth Circuit Court of Appeals will hear arguments on whether Janvey should be allowed to pursue clawback claims against hundreds of Stanford investors and financial advisors.

The Securities and Exchange Commission has argued against the clawbacks, saying they target innocent victims.