SEC charges Stanford with fraud(suspiciously consistent high return)

FT ^ | 02/17/09 | Stacy-Marie Ishmael

[TigerLikesRooster]

SEC charges Stanford with fraud

By Stacy-Marie Ishmael in New York

Published: February 17 2009 17:02 | Last updated: February 17 2009 17:02

The Securities and Exchange Commission on Tuesday charged Sir Robert Allen Stanford, the billionaire Texan businessmen, of a ”massive, ongoing fraud” through his Antigua-based offshore bank.

Stanford International Bank, located in St John’s on the Caribbean island of Antigua, has been the focal point of much controversy in recent weeks, sparked in part by a analyst note that was highly critical of the bank’s apparent ability to deliver consistently and significantly market beating returns on its $8.5bn portfolio of depositors’ assets.

[TigerLikesRooster]

Mini Madoff found?

[TigerLikesRooster]

Ping!

[villagerjoel]

Where are we going, and how did I get in this handbasket?

[NonValueAdded]

Tip of the iceberg, I’ll bet.

[WayneS]

And I had always heard it was a GREAT University.

Oh well...

;^)

[texmexis best]

At this point, the SEC has 600 investigations that are on-going. This company is not the last.

[oldvike]

Tip of the iceberg, I’ll bet.

No doubt about it. All these investment banking firms are nothing but giant corporations designed to transfer money amongst themselves. How people (Rush Limbaugh) can defend these scum is beyond me.

[BGHater]

You haven’t seen nothing yet. Wait to the Gov’t starts going over the Banks books. Look out.

[TankerKC]

How people (Rush Limbaugh) can defend these scum is beyond me.

I must have missed that show...

[oldvike]

He's mentioned it on several occasions how folks are being unfairly judgemental of the bigwhigs and underlings at places like GS, Lehmen Brothers, etc...

It really caught me by suprise but he's taken up for them on numerous occasions.

[lainie]

.with the federal government being the king of all ponzi schemes itself.

[ProfoundMan]

suspiciously consistent high return

You mean, like cattle futures?

[TankerKC]

He's mentioned it on several occasions how folks are being unfairly judgemental of the bigwhigs and underlings at places like GS, Lehmen Brothers, etc... It really caught me by suprise but he's taken up for them on numerous occasions.

How does that relate to this individual who may have done something illegal?

[PGalt]

What?!? You mean there’s more? /sarcasm Thanks for posting.

[oldvike]

I’m sure ALL these firms could be investigated and found to be doing illegal acts. The governemnt just decides to give some of them passes.

[NVDave]

He lost $400K to Madoff, on top of his own fraud.

His CD rates were absurdly high - and no one could figure out how he could make money offering such rates.

As in past debt deflations, and currency dislocations (like 1973-1974), you will see a series of these frauds, shams and scams be exposed - and many of them will have been running for years and years. eg, Madoff — his scam survived the recession/downturn of 2002/2003. This trend of huge scams being exposed is one of my other indicators in history that his is not a normal recession.

[Boiling Pots]

They create NOTHING.

Wall Street is one huge fraud.

[TigerLikesRooster]

Yes, history is being made.

[Red in Blue PA]

And many here on FR are echoing that sentiment.

Not a way to win people over for 2010.

People want justice, and rightfully so. In this case, that means people hanging on the gallows.

[Red in Blue PA]

Agreed.

And little by little, people are beginning to realize this.