Investors from Stanford Financial Group claim they lost millions of dollars in a Ponzi scheme orchestrated by law firms Proskauer Rose, Chadbourne & Parke and a partner who worked at both firms. They filed a lawsuit in Texas state court on Dec. 30, 2011, Thomson Reuters reports.
The lawsuit claims that Thomas Sjoblom, an attorney who worked at Chadbourne & Parke, and later at Proskauer Rose, conspired to defraud 49 investors in Mexico by involving them in the Ponzi scheme, organized by Allen Stanford. The suit says Sjoblom helped Stanford evade Texas securities laws and derailed regulators’ investigations of him. The suit also claims that the two law firms that employed Sjoblom are responsible for his misconduct.
The plaintiffs’ law firm also filed a similar class action lawsuit on behalf of the 49 defrauded investors, though none of them are plaintiffs in the other case. The plaintiffs are seeking unspecified damages to recoup their losses.