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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: Robert Allen Stanford

Robert Allen Stanford stories: 39 news summaries

21 - 39 of 39 Stories | << Prev 1 2

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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

FBI Arrests
High-Ranking Stanford Exec

Investment officer
faces SEC
obstruction charges

Feb 26, 09 8:09 PM CST
(AP) - FBI agents have arrested the chief investment officer of Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing an SEC fraud investigation. The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford's financial group. Pendergest-Holt, arrested in Houston, will appear in court tomorrow.... More »

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fraud • Texas • billionaire • Ponzi scheme • defrauding investors • Robert Allen Stanford • Securities and Exchange Commission

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

Stanford Had
a Castle, Fleet
of Planes

Paternity-suit docs reveal lifestyle of the rich and fraudulent

Feb 20, 09 1:59 PM CST
(Newser) - Say this for Sir Allen Stanford: He knew how to live large. The alleged fraudster once lived in his own Florida castle, complete with moat, and owned, among other baubles, $100 million worth of airplanes, Bloomberg reports. Those assets and others are detailed in court documents from a paternity case... More »

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fraud • luxury travel • private jet • luxury homes • Robert Allen Stanford • Louise Sage Stanford

(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

(Newser) - Before he was charged with massive fraud, Sir Allen Stanford was often charged with an equally grievous offense: subverting the game of cricket. The Texan was among the sport’s deepest-pocketed fans, but the fast-paced Twenty20 tournaments he favored annoy purists. When Stanford put up $20 million in prize money... More »

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fraud • cricket • Antigua • Ponzi scheme • 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

 Antigua, Stanford's 
 Banking Base, Braces 

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

Feb 18, 09 11:53 AM CST
(Newser) - The SEC's allegations of fraud against R. Allen Stanford prompted concern on the tiny Caribbean island of Antigua, the base of the financier's bank. Despite reassurances from the prime minister, customers lined up at both branches of the Bank of Antigua to make withdrawals yesterday. Some seemed to emerge with... More »

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

Stanford Spent Millions to Lobby Congress

$8B scammer's island junkets helped push anti-tax agenda

Feb 18, 09 10:39 AM CST
(Newser) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the... More »

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fraud • SEC • Charles Rangel • Antigua • Ponzi scheme • Virgin Islands • Gregory Meeks • securities fraud • defrauding investors • Stanford Financial Group • Robert Allen Stanford

Lawyer Bolted From Stanford, Sparking $8B SEC Action 

Attorney 'disaffirmed' earlier statements

Feb 18, 09 9:38 AM CST
(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... More »

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fraud • federal investigation • SEC • Antigua • Ponzi scheme • attorney • Stanford Financial Group • Robert Allen Stanford • regulator

(Newser) - Alleged fraudster R. Allen Stanford may not have been a household name before the SEC accused him of skullduggery yesterday, but not because he’s been keeping a low profile. Calling himself “Sir” Allen Stanford ever since he was knighted in Antigua in 2006, the colorful financier is the... More »

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fraud • Texas • golf • cricket • Antigua • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford

OPINION

Fugitive Financier Has $8B Headstart

SEC has slim chance
of finding Stanford,
missing stash

Feb 18, 09 1:48 AM CST
(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... More »

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fraud • SEC • fugitive • Antigua • Ponzi scheme • securities fraud • defrauding investors • Stanford Financial Group • Robert Allen Stanford

UPDATED

 SEC Accuses 
 Texas Firm of 
 'Massive Fraud' 

$8B missing, bank barring withdrawals from offshore accounts

Feb 17, 09 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 with abnormally high rates of... More »

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

21 - 39 of 39 Stories | << Prev 1 2


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