[Editor: After more reading I don’t think Sir Allen Stanford was ever arrested, but this was the original verbatim title of the Cricinfo story. The title has been changed by Cricinfo as shown.]
Stanford arrested and charged with fraud
Allen Stanford charged with fraud in USA
Quote from Cricinfo, Cricinfo staff, February 17, 2009
Antigua-based billionaire Allen Stanford has been charged with fraud by US authorities according to the Reuters agency. The Securities and Exchange Commission (SEC) said that it was “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 Stanford and his financial corporation concerning a new sponsorship deal”.
Quote from SEC:
SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme
FOR IMMEDIATE RELEASE
2009-26Washington, D.C., Feb. 17, 2009 — The Securities and Exchange Commission today charged Robert Allen Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an $8 billion CD program.
Additional Materials
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Stanford’s companies include Antiguan-based Stanford International Bank (SIB), Houston-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management. The SEC also charged SIB chief financial officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action.
Giles Clarke admits to error of judgement
Quote from Cricinfo, Cricinfo staff, February 17, 2009
The ECB reacted to the news that Allen Stanford had been charged with fraud in the USA with a statement saying it and the West Indies board had “suspended negotiations with Stanford and his financial corporation concerning a new sponsorship deal”.
Speaking to journalists in Antigua, the ECB chairman Giles Clarke admitted that his organisation may have made an error of judgement in getting involved with Stanford, but added that they had done so “with the best of intentions”.
Related:
- Post Chronicle: Antigua PM Fears Allen Stanford Probe Will Hurt Caribbean Banking Industry
- CaribbeanPressReleases, St. John’s, Antigua — 12 Jan., 2007, Owen Arthur signs MOU with Sir Allen Stanford: Communique on LIAT, Caribbean Star Talks in Antigua
- Down with Tyranny: Crooked Billionaire Pays Off Crooked Politicians– Steals Billions?
- Suzie Q: Allen Stanford: 21st Century Great Gatsby?
5 users commented in " Sir Allen Stanford Charged with Fraud by SEC "
Follow-up comment rss or Leave a Trackback[…] adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management. Read More|||It took Alex Dalmady 30 minutes to work out that there was something obviously wrong at Stanford […]
[…] DC, Feb. 17, 2009 — The Securities and Exchange Commission today charged Robert Allen Read More Posted in ???( ? o ? )??Yeah… on February 17, 2009 | There are […]
[…] Barbadian bloggers are also eager to weigh in on the debacle. Barbados Free Press compares Stanford to the great American swindler Charles Ponzi, saying: For the last few weeks, desperate people have been trying to get their money out of Standford’s schemes: lining up every morning near the airport in Antigua without much success. Sir Allen will probably not go to jail. Very few of his wealth do. And you can bet that he and his friends had plenty of warning to sock away twenty or thirty million or more against the day. […]
WHAT IS A PONZI SCHEME?
According to SEC filing dated October 30, 2006 - Sidney D. “Trip” Camper was fired from Elandia Inc. when the Ahkoy family fell victim to investment fraud headed by Elandia’s Allen Stanford and Trip Camper. Forced to resign by Allen Stanford himself (see SEC link below), Trip Camper moved on to his next victim, a private company in Los Angeles. In true School of Stanford form, Trip Camper promised to take the private company public. Instead, Trip Camper recruited a new partner in crime, Ed Berkhof and together they formed a “shell” holding company, milked the private company of thousands of dollars, illegally obtained company stock and pretended to be the company owners- and owners of all the assets. By pretending to own the company’s assets, Trip Camper and Ed Berkhof worked to dupe private investors out of capitol that they used to pay themselves and their creditors. This is a Ponzi Scheme. Instead of taking the company public, Trip Camper and Ed Berkhof spent thousands of dollars, took a trip to London on a company American Express card, performed a hostile takeover, and ruined the honest, profitable company. Since then, the Ahkoy family is suing Elandia Inc., Allen Stanford is in Federal prison, and the FBI is seeking out Allen Stanford’s network of thieves. Don’t let this happen to you.
http://www.secinfo.com/d14D5a.v6Q98.c.htm
I am not familiar with the above, but I do see some disputes with Camper online.
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