Fri, Apr 18, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Financier R. Allen Stanford convicted in $7b swindle, may face life in prison

Wednesday, March 07, 2012

Bailey McCann, Opalesque New York - Texas financier R. Allen Stanford, was convicted Tuesday on 13 counts of fraud for an extensive Ponzi scheme he operated for 20 years. According to the charges he took investors for $7b during that time.

Stanford was found guilty on a variety of fraud charges, save for a single count of wire fraud for which he was acquitted. Stanford was once considered one of the wealthiest individuals in America.

Stanford, has been jailed since his indictment in 2009, and will remain incarcerated until he is sentenced.

According to press accounts, Stanford faces up to 20 years each for charges against him which include conspiracy, fraud and money laundering. The amount of time he will spend in jail depends on if the judge rules that each of the 13 sentences should be served together or concurrently.

A civil trial is also going forward with the same jury in an attempt to seize funds from Stanford's bank accounts in order to pay back investors. Stanford sold investors fraudulent certificates of deposit from his bank in Antigua and told them that the funds were being invested in securities internationally. Instead, he took the money for himself to fund his lavish lifestyle and pay his family's expenses.

Stanford was Antigua's largest employer and was even knighted by the government for his contribution to t......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo