Adviser’s bankruptcy filing hits lawsuits

ABERDEEN – Two lawsuits against former Stanford broker-adviser David Haggard of Georgia got notice Wednesday that he’s filed for bankruptcy.
U.S. District Judge Sharion Aycock dismissed one lawsuit against him by the Paschal family, seeking millions of losses in Stanford certificates of deposit.
But the case can be reopened, if Aycock considers that action appropriate, the dismissal order says.
The second case, by the Shapley brothers, also seeks return of investment losses from Haggard.
Numerous other Stanford investors have sued their financial advisers because top company executives’ and corporate assets were frozen by a federal civil lawsuit.
Stanford holdings collapsed earlier this year with a Securities and Exchange Commission investigation into its Antigua bank.
Federal criminal charges also are pending against ex-CEO Allen Stanford and others in Texas.

NEMS Daily Journal