The OIG field staff thought Allen Stanford was running an offshore
Ponzi scheme as far back as 1997. The SEC never pursued it.
"Hi there, Americans. Obama put me in charge of the trillion dollar
stimulus. My son and brother are gonna help me disperse the money. "
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Fraudster had links to offshore fund run by Bidens
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran
(Reuters) – A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.
The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.
Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.
Marc LoPresti, who represents Hunter Biden and James Biden told the paper the Bidens NEVER met or communicated with Stanford. (/snicker)
(Excerpt) Read more at news.yahoo.com ...
Beneath that smiling twinkle is a conniving criminal.
"Hi, I'm Bernie. Trust me."
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The court-appointed trustee scrutinizing Madoff's assets found a super-secret labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in multiple places overseas that hid thievery, money laundering and tax evasion.
That serves to underline that Madoff was running simultaneous scams:
(1) a tax evasion scheme for wealthy businessmen ("losing" money is a tax write-off;
(2) a money laundering scam;
(3) a protection racket for affinity groups,
(4) aiding and abetting wealthy tax-exempt foundations to evade US banking laws and the IRS.
(5) hiding money for wealthy businessmen some of which was used for campaign donations (FEC fraud), and foundation fraud (IRS fraud)
Keep in mind Bernie‘s investors were savvy, astute successful business people, accustomed to constructing, picking apart and analyzing financial statements. One investor who spoke to reporters was a stockbroker (her family invested with Bernie for generations---the family's patriarch founded the wildly successful Stop and Shop supermarket chain). Other investors gave Madoff $100-500 millions to "invest" for years and years.
Madoff apparently made insider deals with many of his "investors." He would guarantee a certain return if they invested a certain amount. Federal authorities announced a $7.2B deal to settle the largest lawsuit with the estate of "philanthropist" Jeffry Picower---a big backer of Planned Parenthood. Mrs Picower claims her husband did not know Madoff was a crook (as she spent the fraudulent 900% profits). Mr Picower drowned after suffering a heart attack in his Florida swimming pool in 2009.