(Reuters) – A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford’s Ponzi scheme, the largest by dollar amount other than Bernard Madoff’s fraud, the receiver’s lawyers said on Monday.

FILE PHOTO: Allen Stanford smiles as he waits to enter the Federal Courthouse in Houston March 6, 2012. REUTERS/Richard Carson/File Photo

The threshold was crossed when Ralph Janvey, the receiver for Stanford Financial Group, received $65 million from a June 2016 settlement with insurers including Lloyd’s of London, which won final court approval in January after years of litigation.

Janvey expects to distribute money from the settlement in the first quarter of 2022. As of April 29, he had received court approval to distribute about $550 million, and had distributed $443 million.

Once considered a billionaire but later declared indigent, Stanford, 71, is serving a 110-year prison sentence following his 2012…

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