The Associated Press
DALLAS – Neal Clement of Saltillo is among 66 Stanford Financial Group financial advisers that a court-appointed receiver is suing.
The receiver, Texas attorney Ralph Janvey, said in a statement Wednesday that the Stanford Financial Group paid more than $40 million to financial advisers in the form of commissions, loans and compensation for advising clients to buy certificates of deposit at Stanford International Bank.
Those CDs are central to what the federal government said is an $8 billion fraud committed by Stanford and his company’s top financial officer.
Clement received more than $260,000 in fraudulent commissions from January 2007 to January 2009, according to the complaint.
Clement served as co-manager of the firm’s Tupelo office and was a principal with Jackson-based EFP Wealth Management, which was sold to Stanford Financial in 2006.