Another sad story where $8 billion of good folks money is gone. How many more creeps have ripped people off? I'm afraid we will be hearing more stories like this in the future.Lou
Allen Stanford Accused of ‘Massive, Ongoing’ Fraud
Feb. 17 (Bloomberg) -- U.S. regulators accused R. Allen Stanford of running a “massive, ongoing fraud” while selling about $8 billion in certificates of deposit through Antigua- based Stanford International Bank Ltd.
The bank made “improbable and unsubstantiated” claims about its ability to generate “safe” returns of more than 10 percent, and it misled investors about exposure to Bernard Madoff’s alleged Ponzi scheme, the Securities and Exchange Commission said today in a complaint against Stanford, firms he controls and two colleagues. The agency asked the Dallas federal court to freeze assets and appoint a receiver to return money to investors.
Read Article Here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aK6tg..PNMos&refer=home
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