Allen Stanford Accused Of Multi-Billion Dollar Ponzi Scheme
U.S Federal regulators charged R. Allen Stanford and three of his companies with a "massive" fraud. According to the Securities and Exchange Commission's complaint, filed in federal court in Dallas, Stanford International Bank sold about $8 billion of so-called certificates of deposit to investors by promising "improbable and unsubstantiated high interest rates."
ABC also reports that federal authorities say the case could grow as big as the $50 billion ponzi scheme allegedly perpetrated by Bernie Madoff.
R. Allen Stanford according to Forbes 400
R. Allen Stanford with Net Worth of $2.0 billion is at number #239 in The Forbes 400 richest man in America for 2007.
Distant relative of Stanford University's founder grew up in Texas. Made first fortune early 1980s building houses in Houston. Expanded insurance and real estate firm grandfather started in the Depression into global financial services provider. Today manages $43 billion. Investing $100 million in Caribbean cricket league. Knighted by the government of Antigua and Barbuda last November.
Related posts:
* HuffingtonPost: Allen Stanford Missing: Federal Authorities Do Not Know His Whereabouts
* HuffingtonPost: R. Allen Stanford Spent Millions On Lobbying Congress, Campaign Contributions
* Types of Internet business scam
SEO: R. Allen Stanford | Allen Stanford fraud | ponzi scheme | Allen Stanford ponzi | Allen Standford | Bernie Madoff
5 comments:
He has done a fraud and it will haunt this man.
How will his money be put to good use then now he's caught.
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 Trip Camper is still using The Stanford Group as a reference on his curriculum vitae. FBI will hopefully catch up with Allen Stanford's den of thieves. Don't let this happen to you.
http://www.secinfo.com/d14D5a.v6Q98.c.htm
I have known Mr. Camper both personally and professionally for many years. I am familier with the situation that ANONYMOUS speaks of. One should realize that there are always two sides to every story, and the story that was presented, is so far from accurate, that posting things such as this should be criminal. One should question the motive behind the individual that wrote this defamitory blog, but being that the blog writer has to approve publishing my comment, this will probally never be seen. However should ANONYMOUS see fit to show both sides of the story, I would like it to be know that Mr. Camper is one of the most honest people I have ever known, and the level of integrity that he maintains is beyond question. Mr. Camper become a victim of Stanford as did thousands of others. The reference to the resume listing Stanford as a referance, was published years ago, before anyone knew of the fraud that Stanford had commited. Please publish both sides of the story.
yes, the economic in the world will be over if we have this kind of thief. some peoples just take there owner profit and bring problem to this life, Why in america have more people stay on street without job, why the world is in crisis time if thhis kine people could think more for this planet and do not keep money for them self . it could be better and no children have to stay without food like what is happening in the world now
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