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NEWS ABOUT: Stanford Financial Group

Stanford Financial Group stories: 26 news summaries

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(Newser) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s... More »

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Department of Justice • SEC • billionaire • Antigua • Ponzi scheme • federal indictment • bank fraud • Stanford Financial Group • Robert Allen Stanford • Securities and Exchange Commission

 Stanford Surrenders to FBI 

Alleged fraudster turns himself in after grand jury hands down criminal charges

Jun 19, 09 12:26 AM CDT
(Newser) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges... More »

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fraud • Ponzi scheme • defrauding investors • Stanford Financial Group • Robert Allen Stanford

Stanford Exec Faces First Criminal Charge

Probe of alleged Ponzi scheme nabs chief investment officer

May 13, 09 8:26 AM CDT
(Newser) - A federal grand jury in Houston yesterday handed up the first criminal indictment in Stanford Financial Group's alleged Ponzi scheme, reports the Houston Chronicle. Chief investment officer Laura Pendergest-Holt, 35, faces two counts of obstruction. She and boss Allen Stanford already face accusations in a civil suit by the SEC.... More »

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federal courts • Ponzi scheme • federal indictment • bank fraud • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

'Devastated' Stanford:
I'm No Thief 

Billionaire denies running Ponzi scheme, points finger at former CFO

Apr 21, 09 2:25 AM CDT
(Newser) - “As God is my witness, there is no Ponzi scheme," accused swindler Sir Robert Allen Stanford told the Houston Chronicle yesterday. His financial companies were well-run before the government seized and "disemboweled" them, claimed the billionaire. If any fraud was committed at Stanford Financial, it was done... More »

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SEC • Ponzi scheme • bank scandal • Stanford Financial Group • Robert Allen Stanford

Stanford Pulled in $5B While SEC Dithered

Feds ignored employee warnings, fumbled
over jurisdiction

Apr 16, 09 12:13 PM CDT
(Newser) - When the Securities and Exchange Commission sent probing questionnaires in 2005 to investors who’d bought certificates of deposit from Stanford Group, panic set in. “Then it all seemed to go away,” says one former Stanford employee. Concerns over jurisdiction stayed the SEC’s hand for almost 4... More »

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SEC • Ponzi scheme • Financial Industry Regulatory Authority • Stanford Financial Group • Robert Allen Stanford • Securities and Exchange Commission

INTERVIEW

Tearful Stanford 'Madder Than Hell' at Ponzi Charges

Tycoon expects indictment in 2 weeks

Apr 6, 09 4:00 PM CDT
(Newser) - Sir Robert Allen Stanford expects an indictment from the feds in a couple of weeks, but maintained his innocence in an interview with ABC News. The disgraced financier cried and told his interlocutor, “I will punch you in the mouth” if he mentioned reports that Stanford laundered drug money.... More »

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crime • drug trafficking • money laundering • Ponzi scheme • federal indictment • bank scandal • interview • Stanford Financial Group • Robert Allen Stanford

Stanford Scam Leaves Artist Without Gold
for Show

$3.3M of bullion for Burden frozen by feds

Mar 5, 09 9:00 AM CST
(Newser) - The US government’s ongoing investigation into Allen Stanford has ensnared an unlikely victim: the Gagosian Gallery in Beverly Hills. Artist Chris Burden was to open an exhibition featuring 220 pounds of solid gold, worth $3.3 million, that the gallery purchased for him. But the company they bought it... More »

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art • Stanford Financial Group • Robert Allen Stanford • Gagosian • Chris Burden

(AP) - A federal judge ruled today that thousands of investor accounts with R. Allen Stanford's financial companies will remain frozen for another 10 days, while a court-appointed receiver said he's developing a plan to return some of the money to its owners. Stanford's companies have been in receivership since the Securities... More »

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Ponzi scheme • federal judges • bank fraud • receivership • Stanford Financial Group • Robert Allen Stanford • frozen account

Feds: Stanford Ran Massive Ponzi Scheme

Chief investment officer freed on 300K bond after night in jail

Feb 28, 09 6:22 AM CST
(Newser) - Federal officials have labeled shamed financier R. Allen Stanford’s operation a Ponzi scheme for the first time, the Houston Chronicle reports. The accusation—meaning the company used cash from new investors to pay older ones—came in an amended civil fraud complaint from the SEC yesterday alleging Stanford and... More »

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Ponzi scheme • securities fraud • federal prosecution • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

(Newser) - Laura Pendergest-Holt, the chief investment officer for disgraced financier Robert Allen Stanford’s firm, is being held on $300,000 bail, the Houston Chronicle reports. Her family is attempting to come up with the $30,000 cash necessary to free her. Holt spent last night in prison after being accused... More »

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arrest • bail • bank fraud • federal prosecution • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

SEC Overlooked Stanford Fraud in 2003

Former employee warned agency, others
of 'Ponzi scheme'

Feb 27, 09 9:49 AM CST
(Newser) - A former employee of Sir Allen Stanford warned the SEC in 2003 of an “illegal Ponzi scheme” involving his firms, but regulators brushed off the allegations, the Financial Times reports. The whistleblower also told another regulatory body that one of Stanford’s companies was “engaged in a Ponzi... More »

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fraud • SEC • Ponzi scheme • whistleblower • Bernard Madoff • NASD • Financial Industry Regulatory Authority • Bernard L. Madoff Investment Securities • Stanford Financial Group • Robert Allen Stanford

Stanford Bank
in Antigua Missing $8B

'It appears to be
a Ponzi scheme,' investigator says

Feb 22, 09 5:03 PM CST
(Newser) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a... More »

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

Stanford Loses Cozy
Caribbean Domain

Mexican drug lord laundered money there

Feb 21, 09 1:11 PM CST
(Newser) - R. Allen Stanford is an institution in Antigua—so much so that some residents call the Caribbean island “Stanford Land”—and now the country is reeling from the SEC fraud case against him. The country has seized Stanford’s bank, but it’s still facing questions about its... More »

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fraud • money laundering • Antigua • Stanford Financial Group • Robert Allen Stanford • Bank of Antigua

(Newser) - Two New York Yankees—Johnny Damon and Xavier Nady— have had their finances frozen by the SEC in connection with the Stanford fraud scandal, Fox Sports reports. Both players kept their money in Stanford banks, and the SEC says they should have access to it in a few days. But... More »

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fraud • New York Yankees • SEC • Johnny Damon • Scott Boras • Xavier Nady • credit card accounts • Stanford Financial Group • Robert Allen Stanford • frozen account

(Newser) - “I can’t believe these allegations,” says James Stanford. The 81-year-old has recently been subpoenaed by the SEC about the actions of his now-infamous son, R. Allen Stanford, who’s accused of an $8 billion fraud scheme. Stanford sits on the Stanford Financial board but hasn’t been... More »

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fraud • SEC • Stanford Financial Group • Robert Allen Stanford • James Stanford

updated

 FBI Finds Stanford in Virginia  


Feb 19, 09 4:11 PM CST
(Newser) - Manhunt over: FBI agents located fugitive financier Sir R. Allen Stanford near Fredericksburg, Va., today and served him with civil legal papers on behalf of the SEC. Stanford, accused of bilking investors of $8 billion, is not under arrest and remains free. He did, however, turn over his passport to... More »

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fraud • Virginia • fugitive • Stanford Financial Group • Robert Allen Stanford

Obama Gives Stanford Money to Charity

Alleged fraud artist donated to many pols, including McCain

Feb 19, 09 12:06 PM CST
(Newser) - Barack Obama has donated the $4,600 in campaign contributions he received from R. Allen Stanford to charity, the LA Times reports. Obama is one of many politicians the alleged fraudster courted; another was John McCain, who promised yesterday that he too would return or donate the funds. Stanford... More »

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Barack Obama • fraud • campaign contributions • Stanford Financial Group • Robert Allen Stanford

Venezuela Seizes Stanford Bank, Calls It Healthy

Country provided up to 30% of group's funds

Feb 19, 09 9:56 AM CST
(Newser) - Venezuela has taken control of a bank run by alleged fraudster R. Allen Stanford and his Stanford International Group, the New York Times reports. A banking regulator said the retail bank is essentially healthy, but Venezuelans are still fretting. “When Venezuelan forces say nothing is wrong,” explained... More »

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Latin America • fraud • Venezuela • Ponzi scheme • Hugo Chávez • Stanford Financial Group • Robert Allen Stanford

Stanford May Have Ties to Mexican Drug Cartel

FBI money laundering probe predated SEC swoop on financier

Feb 19, 09 7:23 AM CST
(Newser) - Fugitive financier R. Allen Stanford was under investigation over possible ties to a Mexican drug cartel long before the SEC swooped in on his firm, federal authorities tell ABC News. The FBI and other agencies began probing Stanford on suspicion of money laundering a year ago, after Mexican authorities detained... More »

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FBI • fraud • money laundering • drug cartel • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford

SEC Missed Stanford Warning Signs

Minor fines levied for violations that should have been red flags

Feb 19, 09 5:24 AM CST
(Newser) - Years of SEC probes into the Stanford Group's finances resulted in wrist-slaps for violations that experts believe should have been huge red flags for investigators, the New York Times reports. The firm, suspected of engaging in an $8 billion fraud, paid out just $60,000 in the past 2 years... More »

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fraud • SEC • regulation • Ponzi scheme • securities fraud • Stanford Financial Group • Robert Allen Stanford

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