A U.S. Appeals Court has affirmed a lower court ruling that investors in Allen Stanford’s fraudulent Ponzi scheme were not entitled under law to seek compensation from the Securities Investors Protection Corp.

Stanford is serving a prison term for defrauding millions through bogus certificates of deposit issued through an institution in Antigua.

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Arkansas investors lost millions in the scheme, though the precise numbers have never been revealed. Arkansas Business tallied some of the local losses in this article.

The Securities and Exchange Commission has been attempting to get compensation for victims.

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