Former Stanford clients say Willis acted as “sales agents”
Clients of arrested financier Allen Standford are suing broker Willis over the alleged $7bn fraud claiming Willis violated Texas securities laws by vouching for Stanford in letters he used to win customers, Bloomberg reports.
Willis actions “crossed the line from the role of insurance brokers, to acting as sales agents for Stanford Financial,” lawyers for the group said.
Willis declined to comment.
The case is: Troice v. Willis Group Holdings in US District Court, Northern District of Texas (Dallas).
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