Allen Stanford Arrested and Charged with Fraud

[haroon510]

what is this all about?


Cricinfo - Stanford arrested and charged with fraud

 

[Richard]

Someone put the thread title right... please...

Thanks.

 

[Richard]

Anyway, looks like there's no details yet so we're going to have to wait until there are some more.

 

[four_or_six]

I can't read the cricinfo article as 'server too busy'. Never had that before!

Anyway... NY times:

http://www.nytimes.com/2009/02/18/business/18stanford.html?_r=1&ref=business

 

[four_or_six]

I wonder if the WI players will ever get their money. They're not due to get it until April.

 

[Richard]

And ditto that link won't load due to lack of time.

 

[social]

Is "Ponzi" spelt with one or two "z" s?

 

[silentstriker]

Crazy stuff - where does this leave the ECB?

 

[four_or_six]

And ditto that link won't load due to lack of time.

Basically says that after their investigations, they can't account for the $8 billion that he is supposed to have had in reserves in Antigua... as far as I understand it.

 

[pskov]

Ponzi, with one z.

It's not clear that Stanford is being accused of that though from the information available. Could just be good old fashioned fraud.

 

[four_or_six]

Crazy stuff - where does this leave the ECB?

More worrying is how much money he owes the WICB that he said he was going to give them, and how much of that they've already spent. I reckon the ECB will just look stupid.

 

[Prince EWS]

I can't read the cricinfo article as 'server too busy'. Never had that before!

This is it:

It has been reported that Allen Stanford has been arrested and charged with fraud by US authorities.

The Securities and Exchange Commission said that they were "alleging a fraud of shocking magnitude".

The ECB reacted to the news with a statement saying it and the West Indies board had "suspended negotiations with Sir Allen Stanford and his financial corporation concerning a new sponsorship deal".

Earlier today the SEC accused Stanford, the head of the Stanford Financial Group, of fraud in the sale of about US$8 billion of high-yielding certificates of deposit held in the firm's bank in Antigua. James M. Davis, a director and chief financial officer of Stanford Group, was also arrested

The SEC said it could not account for the US$8 billion in assets that were housed in the Antigua bank after issuing subpoenas for bank records and to various witnesses. Most of those subpoenaed, including Davis and Stanford, failed to testify or produce documents relating to the assets.

The SEC went on to describe claims by the bank that it paid "significantly" higher returns on its CDs because of the high quality of its investments as "improbable, if not impossible". It is believed that Stanford and Davis's assets have been frozen pending further investigations and that their passports have been confiscated.

The SEC's investigation into Stanford Financial Group comes at a time it is under considerable pressure inside the USA for its inaction regarding the multi-billion Bernard L. Madoff case.

 

[Uppercut]

This is it:

http://content-usa.cricinfo.com/ci/content/current/story/391239.html

Bad idea, this site will soon be shutting down too

 

[cowboysfan]

shocking that england picked this guy to make a deal-britain always seemed to pick winners and hang on to them .

 

[cowboysfan]

I wonder if the WI players will ever get their money. They're not due to get it until April.

is this true?-i really feel sorry about that-they deserved it

 

[Neil Pickup]

Basically says that after their investigations, they can't account for the $8 billion that he is supposed to have had in reserves in Antigua... as far as I understand it.

Also that the provision of interest rates far in excess of any other savings provider is highly suspicious: combined with the fact that they cannot see where these investments are going. Stanford's line of "high quality investments" doesn't seem to be one that's backed by evidence.

 

[Neil Pickup]

More worrying is how much money he owes the WICB that he said he was going to give them, and how much of that they've already spent. I reckon the ECB will just look stupid.

Never spend anything until you've got it. ITV digital taught us all that.

 

[Richard]

 

[four_or_six]

Never spend anything until you've got it. ITV digital taught us all that.

Oh yeah, definitely.

Giles Clarke was interviewed on TMS, he was saying something along the lines of the money Stanford was putting up was transferred into an account for them to see before things took place.

 

[howardj]

Good

This guy was terrible for cricket