Posted on 02/19/2009 6:25:06 AM PST by TigerLikesRooster
US authorities 'had been investigating Allen Stanford for 15 years'
David Byers, Suzy Jagger in New York, and James Bone in Antigua
American authorities have been suspicious of Allen Stanford's financial dealings for 15 years but only accelerated their investigation after the Bernard Madoff fraud was exposed, it was claimed today.
As investigators continued to hunt Mr Stanford and the $50 billion (£35 billion) of assets connected to him, a financial expert said that the Texan had been on "everybody’s radar" for more than a decade.
The claim, made by the journalist and author Jeffrey Robinson, came as a link was made for the first time between the cricket impresario and a feared Mexican drugs cartel.
The allegations will raise new questions about the due diligence carried out by the England and Wales Cricket Board into Mr Stanford's finances before agreeing to tie up with the billionaire for 20/20 matches.
Mr Stanford, who is being sought by the US Securities and Exchange Commission (SEC), the Wall Street regulator, after being charged with a multi-billion-dollar fraud, boasted of having customers in 140 countries.
/snip
"If he does, he’s got a real problem because he knows an awful lot. And I would suspect there are a number of people, very heavyweight people, throughout the offshore world and in other jurisdictions who really don’t want to be associated with Mr Stanford and are not going to be pleased if he talks. So this man has a very, very serious problem."
/snip
In fresh allegations ABC News claimed the FBI was also investigating whether Mr Stanford was involved in laundering drug money for the Gulf cartel, reputed to be Mexico's most violent gang.
(Excerpt) Read more at timesonline.co.uk ...
Stanford is about to find out high-risk business to finance high-style living does have consequences.
Stanford's $8B scam could ensnare high-profile athletes who were represented by Teddy Forstmann's management firm IMG...........IMG quietly agreed to steer clients looking for investment advice to Stanford Financial Group, potentially exposing them to millions of dollars in losses resulting from the financial firm's alleged fraud.
According to three sources with knowledge of the situation, IMG and Stanford have a quid-pro-quo agreement under which Stanford Financial pays IMG a low-to mid-seven-figure consulting fee in exchange for IMG advising its clients - which include golfers Tiger Woods, Arnold Palmer, David Toms, Sergio Garcia and others - to have their money managed by Stanford.
The backroom bargaining has exposed IMG to charges of double-dealing, and is raising questions about where the firm's allegiances lay: with Stanford Financial or its athlete clients.
"It's certainly a conflict of interest," said one source. "IMG is trading on its athletes' names to make money for themselves and then turning around and telling them to invest money with Stanford."
IMG's deal with Stanford Financial involved the management firm advising the now-tarnished financial firm on where to spend sponsorship money, particularly related to golf tournaments. Stanford's alleged fraud could cost IMG north of $10 million in fees, as well as any clients who got burned in the scandal. .....
Stanford also held talks about a consulting deal with sports-marketing firm Octagon, during which it inquired about a "financial management deal" (Excerpt) Read more at nypost.com ...by Peter Lauria and Kaja Whitehouse
Huh, cricket.
Tidbit.
The visas for cricket have been more abused then the visas for student loans.
>>>Stanford also held talks about a consulting deal with sports-marketing firm Octagon
I wonder if he is a coyote.
1. He was somewhat "untouchable" due to his "bipolar" political connections and his dual citizenship.
2. Ponzi scheme was not their primary concern even if they knew about it at the time (FINRA and SEC only started their investigation early last year), and by keeping him on the loose they could follow the drug money to more direct targets.
In other words, he may have been worth more to them "alive" than "dead".
Stanford Wielded Jets, Junkets and Cricket to Woo Clients The 58-year-old head of Stanford Group Co., who grew up in Mexia, Texas and graduated from Baylor University, began using the title “Sir” in 2006 after being knighted by the leaders of Antigua & Barbuda, his adoptive country. The banker began building a fortune by investing in Texan real estate following the 1980s savings-and-loan crisis, according to his company’s Web site. February 19, 2009 - R. Allen Stanford, accused by federal regulators of a “massive, ongoing fraud” at his Houston investment firm, cultivated his image by shuttling politicians in corporate jets and spending money on cricket, polo and golf.
.....
Stanford Burns Latin Americans Seeking Shelter From Currencies February 19, 2009 - ..... Venezuelans may have had as much as $3 billion invested with Stanford, who the U.S. charged with running an $8 billion fraud, according to the South American country’s banking regulator. .....
LOL——crickets——thanks for the info.
ping
That Mexican drug cartel is only Doing Jobs Americans Won’t Do.
Musta built a new building to house the file boxes...
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