Posted on 02/17/2009 10:02:51 AM PST by Steelfish
SEC charges Stanford companies with massive fraud
Published: Tuesday, Feb. 17, 2009 WASHINGTON -- Federal regulators are charging R. Allen Stanford and three of his companies with a "massive" fraud that centered around high-interest-rate CDs.
The Securities and Exchange Commission's complaint, filed in federal court in Dallas, alleges that Stanford International Bank sold about $8 billion of so-called certificates of deposit to investors by promising "improbable and unsubstantiated high interest rates."
(Excerpt) Read more at sacbee.com ...
$50 Billion here, $8 Billion there.
After awhile, it adds up.
Put people in jail and this will at least slow down.
I’d like to see the Feds get busy with investigating Soros.
Wouldn’t ya think they would tell you what the high rates were?
Bernard Lawrence Madoff is suffering right now in his penthouse. Maybe Stanford could “suffer” at his ranch.
Those electronic ankle bracelets are heavy and not fashionable!
;)
The banks with the highest rates are generally the banks in trouble and the ones in need of cash.
Anyone want to buy some fly paper.
The credit crunch will expose more and more of them. It may be one of the few good things to come about from all these financial problems.
I’d like to see the Feds get busy with investigating Soros.
I would, too....but Soros has strong, powerful ties to people in BOTH the DNC and GOP.
Soros is in the Carlyle Group...along w Bush 41.
He has infiltrated BOTH American political parties...
Here we go again...
I don’t see that these folks did anything wrong.
Madoff lied and didn’t invest the money he controlled.
These folks advertised higher rates, made investments to achieve their goals, and paid the rates to their investors.
The ‘legal issue’ is that they invested the money to achieve higher interest rates, instead of letting someone else borrow the money, and make those higher rates, while paying the investors a lower return.
It seems to me there is some ‘selective prosecution’ going on in our nation, and I assume we will see that spiraling upward as the dems/marxists try to consume those who have the power and money to resist.
STANFORD, R ALLEN ALLEN
HOUSTON,TX 77056 STANFORD FINANCIAL GROUP/PRESIDENT 2/3/08 $2,300 Rangel, Charles B (D)
STANFORD, R ALLEN
MIAMI,FL 33131 STANFORD FINANCIAL GROUP/CHAIRMAN 5/31/08 $4,600 Obama, Barack (D)
STANFORD, R ALLEN
HOUSTON,TX 77056 STANFORD FINANCIAL GROUP 7/2/03 $1,000 Schumer, Charles E (D)
STANFORD, R ALLEN
HOUSTON,TX 77056 STANFORD FINANCIAL GROUP 7/2/03 $1,000 Schumer, Charles E (D)
STANFORD, R ALLEN
HOUSTON,TX 77056 STANFORD FINANCIAL GROUP 5/31/02 $1,000 Schumer, Charles E (D)
STANFORD, R ALLEN
HOUSTON,TX 77056 STANFORD FINANCIAL GROUP 5/31/02 $1,000 Schumer, Charles E (D)
STANFORD, R ALLEN
MIAMI,FL 33131 STANFORD FINANCIAL GROUP 6/3/03 $1,000 Reid, Harry (D)
I see that Bernie Madoff is indirectly involved. This will bring more attention to this case. - Tom
well, he did play both sides of the street.
Strangely, the size of Stanford’s companies is $50 Billion.
Stanford International Bank Ltd., the Antigua-based has just under $9 Billion is Deposits. Of course, no FDIC insurance.
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