Willis sued for endorsing fraudster
Clients of financial fraudster Allen Stanford are suing London-based insurance broker Willis over claims that the broker helped Stanford with an alleged $7 billion fraud.
The class action suit complaint was filed in Dallas last week by Mexican investors who claim Willis violated Texas securities laws by vouching for Stanford in letters he used to attract new customers.
Willis “crossed the line from the role of insurance brokers, to acting as sales agents for Stanford Financial,” prosecuting lawyers allege.
“The clear intention of the letters was that they be used for marketing purposes to retain or obtain actual or prospective clients for Stanford Financial,” the lawyers said in a statement.
Insurance company Bowen, Miclette & Britt and two unidentified individuals are also named in the lawsuit.
Allen Stanford faces 21 charges including money laundering, obstruction of justice, and fraud worth billions of dollars.
He has been held in jail since his arrest on June 18.
Category: Insurance News, Legal News, Willis News
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