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SEC Charges Stanford Financial in $8B Fraud

RightinNYC

RightinNYC

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SEC Charges Stanford Financial in $8B Fraud - washingtonpost.com

The Securities and Exchange Commission today charged a prominent Texas businessman and three of his companies with an $8 billion fraud in the sale of certificates of deposit. The case appears to mark one of the largest alleged frauds by a money manager in U.S. history.

Robert Allen Stanford and his companies sold $8 billion of CDs -- guaranteed fixed-income investment products -- to investors by "promising improbable and unsubstantiated high interest rates," the SEC said in a statement. The agency named in its complaint Stanford International Bank Ltd., based in Antigua, and related firms based in Houston.

...

A federal judge in North Texas, where the case was filed, has frozen Stanford's assets. The SEC said Stanford had not cooperated and that it is still investigating the alleged fraud.
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I'm holding you personally responsible, dana.
 
Just the tip of the iceberg.
Hold on to whatever remains of your 401Ks
 
And I swear I didn't know this when I originally posted the story:

Accused fraudster gave big to Dems - Kenneth P. Vogel - Politico.com

The Texas financier accused by the Securities and Exchange Commission Tuesday of "massive ongoing fraud" was a generous political donor who gave more heavily to Democrats.

Since 2000, R. Allen Stanford, the chief of the Stanford Financial Group in Houston, his wife and company gave $2.2 million in political contributions – $1.7 million to Democratic candidates and committees – according to Federal Election Commission records.
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RightinNYC said:
SEC Charges Stanford Financial in $8B Fraud - washingtonpost.com



I'm holding you personally responsible, dana.
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"Froze the assets"... ,Almost never heard of. They usually give them several months to off-shore all their stolen loot, or did they do that in this case too,and just tried to make themselves sound responsible by,"freezing the assets",after the fact? Dana will know...Its his fault anyway according to NYC. :lol: AHA...there is more to the story...thanks NYC (for posting the rest of the story). This is the old,[ "527 group", hustle]...,"no limits to campain contributions"....MAY I GREASE YOUR POCKET SIR ? "BTW, you have my vote sir...", and some nice pocket change uh I mean campain loot ,uh cash ummm, contribution uh.... So this chit has been going on since 2000,and no one saw a thing... :roll:
 
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Get 'em SEC.

We need to start holding the owners of the concentrated capital responsible for their actions.
 
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