Posted by: Lawyer Sanders | February 17, 2009

Environmental lawyer Sanders says R. Allen Stanford charged by U.S. SEC with stealing $8 billion from investors, another shameful white collar crime against the public welfare of America.

Texas billionaire R. Allen Stanford and three of his companies were charged with “massive ongoing fraud” Tuesday as federal agents swooped in on his U.S. headquarters.  The companies are: Stanford International Bank, Stanford Group Company, and Stanford Capital Management.

Stanford’s alleged fraudulent activities involved the sale of $8 billion in certificates of deposit, making it one of the largest alleged financial frauds in U.S. history.  The U.S. SEC’s complaint against Stanford is at: http://www.sec.gov/litigation/complaints/2009/comp20901.pdf?sid=ST2009021701544

 

In a complaint filed in federal court in Dallas, the U.S. Securities and Exchange Commission accused the cricket-loving Stanford, 58, and two other top executives at Stanford Financial Group of fraudulently selling $8 billion in high-yield certificates of deposit in a scheme that stretched from Texas to Antigua and around the world.

 

According to its website, Stanford Financial Group is a privately held global network of independent, affiliated financial services companies led by Chairman Allen Stanford. The first Stanford company was founded by Allen Stanford’s grandfather, Lodis B. Stanford in 1932. Stanford’s core businesses are private wealth management and investment banking for institutions and emerging growth companies.

 

The Stanford Financial Group of companies provides private and institutional investors with global expertise in asset allocation strategies, investment advisory services, award-winning policy and equity research, international private banking and trust administration, commercial banking, investment banking, merchant banking, institutional sales and trading, real estate investment and insurance. Stanford has over $50 billion in assets under management or advisement.  

 

Now, Mr. Stanford and three of his companies are charged with stealing $8 billion dollars from its clients in a sophisticated, intentional fraudulent scheme. It is well past time for serious, long-term jails sentences for white collar criminals, who steal.

Charged by U.S. with stealing $8 billion from investors.

Charged by U.S. with stealing $8 billion from investors.

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Responses

  1. Is Mr Stanford already being charge of that crime???, because as per the Miami Herald some 12000 account has being free, and the US goverment appeared to be investigaten Mr Stanford for tax evasion, es that right???.
    Because if Mr Stanford is no yet charge with anything, why is the costumers money frozen.
    Furthermore if USA goverment is looking for tax evasions, is going to be Mr Stanfod problem, why the costumers money still frozen???


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