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The group of investors are seeking more than $1 billion in damages. Stanford founder, Texas tycoon Allen Stanford and several others are facing criminal and civil charges for the $7 billion ponzi scheme.

Willis actions “crossed the line from the role of insurance brokers, to acting as sales agents for Stanford Financial,” lawyers for the group said in an e-mailed statement on Friday. The investors seek class action status.

Stanford Financial is just one of three businesses headed by Stanford that were sued by the U.S. Securities and Exchange Commission.

Stanford, who spent the last 15 years living in the Caribbean, has been in custody since June 18. He is being held without bail until trial, which is currently set for August.

Post from: EveryJoe

Stanford Clients Sue Willis Group