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-Lurid Crime Tales-
U.S. Accuses Texas' Stanford Financial Group of $8 Billion Fraud
2009-02-18
Stopping what it called a "massive ongoing fraud," the Securities and Exchange Commission on Tuesday accused Robert Allen Stanford, the chief of the Stanford Financial Group, of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm's bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.
Wonder where Andy Cuomo and Eliott Spitzer were all those years ...
Posted by:Fred

#3  should I cancel my vacation to Antigua?
Posted by: bman   2009-02-18 14:40  

#2  
The extent of the fallout isn't known yet. Looks like Antigua Race Week has got problems with their largest supporter. They do provide the money for the parties. However he is also the largest employer in Antigua, so there may be large indirect consequences. He owns the Bank of Antigua as well as Stanford International. Lots of folks in Antigua could have all their money with him. I suspect there will be a large fallout. Stanford International Bank is no longer paying out for their CD's. The bank has been taken over by the courts. 30,000 customers in 131 countries!! The bank also had a 400K loss with Madoff, even though the bank web site says that they had no losses. The region has already had riots, mostly black on white, when the dockworkers were on strike and all those imported goods not distributed. This could get real ugly.
Posted by: Thealing Borgia 122   2009-02-18 11:27  

#1  They've got nothing on Congress which is running a $787B fraud.
Posted by: Procopius2k   2009-02-18 08:29  

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