June 20, 2009 |
Texas financier R. Allen Stanford, accused of defrauding investors of $7 billion, paid Antigua's top bank regulator more than $100,000 to conduct fake audits and mislead U.S. investigators, according to an indictment unsealed Friday. Federal prosecutors said the alleged bribes helped Stanford and colleagues conceal an elaborate Ponzi scheme that lured about 30,000 investors, many in the U.S.
June 19, 2009 |
Texas billionaire R. Allen Stanford, head of the troubled Stanford Financial Group, was arrested by the FBI in Virginia on Thursday, his attorney said. Authorities plan to unseal an indictment of Stanford today, law enforcement officials said. The Securities and Exchange Commission filed civil charges this year accusing Stanford and his top executives of conducting an $8-billion fraud by advising clients to buy certificates of deposit from Antigua-based Stanford International Bank.
June 14, 2012 |
HOUSTON -- Texas billionaire financier R. Allen Stanford was sentenced to 110 years in prison Thursday for running what authorities have called one of the largest Ponzi schemes in U.S. history. The sentence was handed down by U.S. District Judge David Hittner in Houston after a court hearing at which Stanford, 62, spoke, followed by two investors. In March, a Houston jury convicted Stanford on all but one of 14 fraud-related counts and cleared the way for U.S. authorities to seize millions from Stanford's bank accounts.
April 17, 2010 |
The Securities and Exchange Commission didn't conduct a meaningful probe of indicted money manager R. Allen Stanford until 2005, even though examiners suspected him of operating a Ponzi scheme eight years earlier, an internal report found. The agency's Fort Worth office did four reviews of Houston-based Stanford Financial Group Co. starting in 1997 and determined after each one that Stanford's purported returns on certificates of deposit were highly unlikely, SEC Inspector General H. David Kotz wrote in a report released Friday.
October 7, 2013 |
WASHINGTON - The Supreme Court opened its new term Monday by hearing arguments on who can be sued for a massive Ponzi scheme and by saying "no" to more than 1,900 litigants who had hoped the justices would hear their appeals. The court ignored the partial government shutdown and said it would continue with "normal operations," at least this week. Because the Constitution forbids reducing pay for federal judges while they hold office, the justices will continue to receive their salaries.
June 26, 2009 |
Texas billionaire R. Allen Stanford pleaded not guilty to charges that he swindled investors out of $7 billion as part of a massive investment scam. Stanford entered his plea during his arraignment in federal court. The financier was indicted on charges that his international banking empire was a Ponzi scheme.