A federal jury in Dallas has concluded a former financial adviser to former Texas tycoon R. Allen Stanford must return nearly $800,000 in fees and expenses paid to him before Stanford's multibillion-dollar Ponzi scheme collapsed.
The jury also concluded Friday that Peter Romero may keep the $300,000 in funds he invested in Stanford's fraudulent certificates of deposit but must return about $30,000 in profit and interest they earned.
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Kevin Sadler was the lead attorney for Paul Janvey, the receiver the court appointed to recoup as much as possible of the money Stanford defrauded from investors. Sadler said this was the first civil fraud verdict to arise from the collapse of Stanford's empire.
Romero is a former U.S. ambassador to Ecuador.