SEC Accuses Texas Firm of 'Massive Fraud'

$8B missing, bank barring withdrawals from offshore accounts

By Kevin Spak, Newser Staff

Posted Feb 17, 2009 11:43 AM CST

(Newser) – The SEC today accused Robert Allen Stanford, head honcho of Stanford Financial group, of running a “massive, ongoing fraud,” and roughly 40 policemen and other law enforcement officials raided the group’s Houston headquarters. The group sold $8 billion in certificates of deposit... Read full story »

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(NEWSER) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial entities. Thomas Sjoblom “disaffirmed” his comments to regulators days before they moved on Stanford. More»

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(NEWSER) - Financier Robert Allen Stanford is now a fugitive and SEC officials don't look any likelier to get their man than his investors do to get their money back, Felix Salmon writes in Portfolio. Regulators have been sniffing around his operations for long enough to ensure he's got a contingency plan already in action, probably involving that missing $8 billion and one of his multiple private jets, Salmon notes. More»

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SEC Accuses Texas Firm of 'Massive Fraud'

$8B missing, bank barring withdrawals from offshore accounts

fraud • SEC • Antigua • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford

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Antigua, Stanford's Banking Base, Braces

Account holders line up to withdraw money, despite assurances from PM

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Fugitive Financier Has $8B Headstart

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Stanford 'Fraud Scheme Sealed With Blood Oath'

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