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Allen Stanford and others indicted in the US

June 20, 2009

Yesterday, the SEC finally charged Allen Stanford for his role in the supposed Ponzi scheme and he surrundered to the authorities in the afternoon. The SEC also charged others in the case including the financial regulator of Antigua where Stanford Intrenational bank was based. You can read the full complaint to the Court here. The […]

Sir Allen Stanford still in denial

April 6, 2009

Even now, Sir Allen Stanford claims that authorities are finding “billions and billions” all over the place. Watch the full video in ABC News. BTW, he claims all customers in Venezuela got their money, which is certainly not the case, as the auction requires replacing part of the capital of the bank: The story […]

How much is left at Stanford International Bank?

March 3, 2009

Now that the initial storm has passed over the demise of Stanford International Bank (SIB), the question I get the most from readers , friends and yes, family, is how much will people will be able to recover from the bank once the dust settles and the assets can be compared to the liabilities? First […]

To catch new Ponzi schemes like Stanford and Madoff, the SEC needs a geek squad

February 25, 2009

The recent frauds by Bernie Madoff and Alan Stanford were not caught by the SEC in time to save people’s money. In Madoff’s case, he gave up, as his pyramid was collapsing and confessed (I still wonder why he didn’t fudge the collapse). In the case of Stanford International Bank (SIB), the SEC was investigating […]

And now the conspiracy theory on Stanford: It is all a US plot against Antigua banking

February 24, 2009

Former Antigua Prime Minister Lester Bird now brings up the US conspiracy theory on the Stanford International Bank story: “However, the former prime minister contended that the charges against Sir Allen and his Stanford companies were part of a US plot to break Antigua and Barbuda’s offshore financial services sector. “All these people do not […]

Some parting shots on Chavez, Venezuela and Stanford

February 21, 2009

Monday and Tuesday are holidays in Venezuela, so tomorrow I will be disappearing for a week and blogging will be lighter than usual, but I am sure I will manage to post something given the barrage of news around. I am going to a Caribbean beach (not Antigua) where I will try to relax and […]

Losing twice: The Stanford International Double Whammy Special

February 20, 2009

If you think that some people lost money by being greedy buying CD’s of Stanford International bank, it turns out that others were actually hit twice by setting up what is called a back-to-back, in which someone would ask Stanford in Caracas to lend you Bolívars and that bank would ask you for a guarantee […]

Revisiting and retelling the Stanford International Bank story.

February 19, 2009

While I have been trying to get away from the Stanford International Bank story, it is not easy. First of all, it was all around me today. From friends to family, I learned today of a few people that I knew who had their money there, who were not able to take it out despite […]

SEC accuses Stanford Group, the Duck implodes (or explodes?)

February 18, 2009

So, today the day we all thought was coming for a few years happened, as the SEC accused Allen Stanford and James Davis of massive, ongoing fraud and asked the judge to freeze their assets as well as the appointment of a receiver for them. The announcement ends two whirlwind weeks in which the blogosphere […]

SEC accuses Stanford of “massive, ongoing fraud”

February 17, 2009

Bloomberg reports that the SEC is raiding the Houston offices of Stanford and has formally accused two principals of the firm.  Sad, very sad, this could have been avoided 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 […]