Monthly Archives: January 2012

Stanford Told Investors “Lie After Lie” and now he is trying to “game the system”

Stanford’s lawyer told the panel that the CDs sold by the Stanford bank weren’t securities and that Stanford’s clients had no say over how their money was invested. Robert Scardino, one of Stanford’s court-appointed lawyers called those CD purchasers “sophisticated investors” whom he said “know what a CD was and what it wasn’t.” They also […]

Insight: How Allen Stanford kept the SEC at bay

By Murray Waas For twenty years, R. Allen Stanford allegedly had run a $7 billion Ponzi scheme from his offshore bank on the Caribbean island of Antigua. U.S. authorities had been nosing around Stanford’s empire for longer than a decade but hesitated to open a full-blown probe. As Stanford’s trial began this week, one question […]

Trial Set for Financier Accused in Decades-Long Ponzi Scheme

By CLIFFORD KRAUSS A federal judge ruled on Wednesday that R. Allen Stanford, the Texas financier accused of defrauding thousands of investors in a $7 billion Ponzi scheme, will go on trial next week, nearly three years after his arrest. At the hearing, Mr. Stanford’s lawyers said he would testify at the trial, giving him […]

Fate of 7,000 Stanford Ponzi Investors Hangs on Rare SEC Lawsuit

By Robert Schmidt & Joshua Gallu For 40 years, the U.S. Securities and Exchange Commission and the congressionally chartered group that protects against broker theft have worked in tandem to reimburse people whose accounts are pilfered. Now the SEC and the Securities Investor Protection Corp., or SIPC, are about to face off in a bitter […]

SEC Said to Prepare Vote on Cases Against Ex-Stanford Execs

By Joshua Gallu U.S. Securities and Exchange Commission investigators have proposed sanctions against at least five former Stanford Financial Group Co. executives and brokers for their roles in selling investments that fueled R. Allen Stanford’s alleged $7 billion Ponzi scheme, according to two people with knowledge of the matter. The SEC’s five commissioners are scheduled […]

2 former Stanford brokers say SEC let them down

By Purva Patel, HOUSTON CHRONICLE Former Stanford Financial Group brokers Charles Rawl and Mark Tidwell say they helped regulators build a fraud case by supplying the government with emails, testimony and names of people to question. They answered questions when Securities and Exchange Commission investigators camped out at the Stanford offices near the Galleria before […]