Stanford financial scandal cover-up


http://plus.cnbc.com/rssvideosearch/action/player/id/1158178338/code/cnbcplayershare

This is a video from the USA about the Stanford scandal.

The US Securities and Exchange Commission ignored warnings from a former employee of Stanford Group six years before the federal regulatory agency seized the offshore investment firm and charged Texas billionaire Robert Allen Stanford with running a $8 billion Ponzi scheme: here.

6 thoughts on “Stanford financial scandal cover-up

  1. SEC charges pair over giant fraud

    US: The Securities and Exchange Commission (SEC) charged a prominent Miami couple on Wednesday with operating a $135 million (£90m) Ponzi scam that defrauded hundreds of people, mostly elderly US citizens of Cuban origin.

    The SEC complaint filed in Miami federal court claims that Gaston Cantens and his wife Teresita Cantens promised unusually high returns of between 9 per cent and 16 per cent on investments in their Royal West Properties company.

    But when the firm’s fortunes went sour as mortgage holders defaulted, the Cantens allegedly began using money from new investors to pay off older ones.

    SEC official Eric Bustillo said: “The Cantens used their prominent standing in a close-knit Cuban-American community to ruthlessly exploit vulnerable elderly investors who trusted them with their life savings.”

    http://www.morningstaronline.co.uk/index.php/news/content/view/full/87556

    Like

  2. Once a billionaire, Stanford now indigent

    By LAUREL BRUBAKER and ANDREW M. HARRIS Bloomberg News

    R. Allen Stanford’s attorney, Robert S. Bennett, was removed from his criminal-defense trial team by a federal judge after the indicted financier was found indigent.

    U.S. District Judge David Hittner, who will preside over Stanford’s criminal trial, relieved Bennett of his trial duties at a hearing in Houston federal court. The judge rejected three lawyers proffered by Stanford and appointed two others.

    “Indigent defendants do not have the right to select their own attorneys,” Hittner said. The judge didn’t postpone the financier’s trial scheduled for Jan. 24. New attorneys Robert Scardino and Ali Fazel told him they would be ready.

    Stanford, 60, is accused of leading a $7 billion investment fraud scheme centered on the sale of certificates of deposit by his Antigua-based Stanford International Bank Ltd.

    Like

  3. Pingback: United States Vice President’s son grabs at Ukrainian gas money | Dear Kitty. Some blog

  4. Pingback: Wall Street and Ferguson, justice in the USA | Dear Kitty. Some blog

  5. Pingback: NXIVM cult, sex slavery, Holocaust denial, Libya war and Betsy DeVos | Dear Kitty. Some blog

  6. Pingback: Jeffrey Epstein child abuse scandal in the USA | Dear Kitty. Some blog

Leave a Reply to Administrator Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.