Sun, Sep 25, 2016
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

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. Star names struggle as smaller hedge funds make hay[more]

    From eFinancialnews.com: Many big-name funds have been hit by sharp reversals in markets, including US government bonds and UK stocks, and have struggled to extricate themselves from positions that have gone bad. According to data group eVestment, hedge funds below $250 million in size are up 4.1% t

  2. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  3. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  4. Comment - ‘Gut feeling’ measurable in hedge fund traders, How hedge fund managers can use blockchain to maximize benefits[more]

    ‘Gut feeling’ measurable in hedge fund traders From Laboratoryequipment.com: “Gut feeling” is an intangible – an automatic hunch – based on prior experience for some people. But the “gut feeling” is actually a measurable response developed in professionals doing some high-risk work, acco

  5. Opalesque Exclusive: Modern investor tools (2): A platform that does the job for you[more]

    Benedicte Gravrand, Opalesque Geneva: A new series on technology providers that assist asset allocators. There is disruption in the investor part of the world of hedge funds, coming from platforms that can replace traditionally-run search and analysis. Here is one of them. L