Stanford Peru Losses Seen Rising

Stanford’s allegedly fraudulent financial schemes may cause more havoc than initially expected, as Peruvian investors could lose as much as $120m, according to a local source involved in the investigation of the financial entity. Peruvian media previously estimated local investors’ losses at between $50m and $100m. The Lima-based source explains that the government may have a hard time recouping investors’ losses as funds are thought to have been funneled to Stanford’s bank in Antigua.