Trustmark Bank Settles Stanford Ponzi Scheme Lawsuit for $100M
One of five banks facing a multibillion-dollar fraud trial next month in Houston for providing financial services to Ponzi scheme perpetrator R. Allen Stanford and his investment firm has agreed to settle its part of the case for $100 million. Mississippi-based Trustmark Corporation, the parent of Trustmark National Bank, agreed late New Year’s Eve to pay the $100 million instead of facing a federal jury alongside four other banks accused of “aiding, abetting and participating in the fraudulent scheme” perpetrated by Stanford and his associates.
