![]() ![]() ![]() The SEC said they and the bank reported “improbable” high returns and gave “false” assurances to investors. Securities and Exchange Commission alleged Stanford and two fellow executives fraudulently sold $8 billion in high-yield certificates of deposit. headquarters in Houston, federal authorities charged the flamboyant 58-year-old mustachioed financier and three of his companies with a “massive ongoing fraud.”Īccusing him of far less altruistic aspirations than those trumpeted on his website, the U.S. In a self-congratulatory posting on the Stanford Group’s website, its founder and chairman credits his grandfather with giving him “the inspiration to dream” and “an unwavering desire to build a business that is second to none.” He speaks of “a passion for service and the values that hold us together”. fraud charges against him and his companies. MIAMI, Feb 17 (Reuters) - Allen Stanford, the high-flying Texas billionaire with a Caribbean knighthood and a penchant for publicity and cricket, has been brought down to earth with a thud by U.S.
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