Cases
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2/3/2022
Ponzi schemes, payouts and directors’ duties: Stanford International Bank v HSBC Bank
In January 2022, an appeal in the case of Stanford International Bank v HSBC Bank was argued before the Supreme Court. The assumed facts (the proceedings involved a strike out) were that the claimant, now in liquidation, had not been a bona fide bank. Rather, it was nothing more than a vehicle for a Ponzi scheme. Some of the funds raised under the scheme had been held in an account with HSBC.
