Sir Allen Stanford
Sir Allen Stanford Fraud Case | SECBelow is a short video on Sir Allen Stanford who was just accused of fraud by the SEC. Below the video please see 5 additional resources on this unfolding case. If you are viewing this article via our daily hedge fund newsletter please click here to watch the embedded videos:
Resource #2: The Securities and Exchange Commission charged R. Allen Stanford with an $8 billion fraud centered around the sale of certificates of deposit, saying the flamboyant businessman hoodwinked investors by promising high and seemingly safe returns.
As the SEC charges were made public Tuesday morning, U.S. marshals and Federal Bureau of Investigation agents raided Stanford offices in Houston.
The SEC said that Stanford Investment Bank sought to lull investors into thinking their investments were safe, providing assurances that the bank invested the money in liquid financial instruments that were monitored by a team of more than 20 analysts. source
Resource #3: The England & Wales Cricket Board yesterday suspended relations with Sir Allen Stanford after he was charged with what United States investigators allege is a "massive, ongoing fraud.
A Dallas Federal court was asked to freeze Stanford's assets and his company was put in the hand of receivers after the Securities and Exchange Commission took drastic action following days of intense speculation about his company as US Marshals raided Stanford's office in Houston in the early hours of the morning Stateside.
"We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world," said Rose Romero, director of the SEC's Fort Worth office. source
Resource #4: We thought Bernie Madoff's world record in Ponzi-scheming would be safe for a while, maybe for all of time. But now comes the news that the SEC is investigating one R. Allen Stanford, a billionaire who runs a money-management firm out of tropical, tax-free St. Croix. To his moneyed clients, Stanford offers certificates of deposit that offer "unusually high and consistent returns" (double the market average, according to Business Week). Hmmm, where have we heard that phrase before? Oh, also: The company overseeing the firm's books is "a tiny accounting firm in Antigua" whose CEO recently died. Oh, dear. Stanford manages $51 billion, just nosing out the amount that Madoff had "under management." source
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