Friday, June 19, 2009

Texan Ponzi Fraudster Indicted

According to the New York Times, R. Allen Stanford, the Texas billionaire accused of running a multibillion-dollar Ponzi scheme, and at least four others, including an Antiguan official, have been indicted in the fraud case, a federal prosecutor said Friday morning.

In February, the Securities and Exchange Commission shut down Mr. Stanford’s financial operations, while filing a civil suit accusing him and two other senior executives of committing a fraud it characterized as a “massive Ponzi scheme.”

The suspected fraud involved billions of dollars of certificates of deposit issued by Stanford International Bank on Antigua. The instruments paid unusually high returns and were marketed around the world, particularly in the United States and Latin America.


For more information, visit the original article referenced.

Texas Financier, 4 Others Said to Face Indictment



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1 comment:

CNBC said...

You might want to check out the documentary tonight called “Secrets of the Knight: Sir Allen Stanford and the Missing Billions,” which airs on CNBC at 9pm EST. CNBC’s Scott Cohn and Hampton Pearson investigate what authorities have called a “massive $8 billion Ponzi scheme.” For more information check out: http://bit.ly/TeFUY