Sir R. Allen Stanford Charged By SEC

Sir R. Allen Stanford Being Charged By SEC For Fraud
stumble digg reddit del.ico.us mixx.com
Huffington Post | February 17, 2009 12:49 PM

I Like ItI Don’t Like It

Read More: R Allen Stanford, Sec, Sec Allen Stanford, Sec Allen Stanford Investigation, Sir Allen Stanford, Stanford Financial Group, Stanford Financial Group Us Agents, Business News
Show your support.
Buzz this article up.
Buzz up!

Get Breaking News Alerts

never spam
Share Print Comments
The SEC is charging Sir Allen Stanford's bank with "massive fraud." Read more from AP below.

From AP:

Federal regulators are charging R. Allen Stanford and three of his companies with a "massive" fraud that centered around high-interest-rate CDs.

The Securities and Exchange Commission's complaint, filed in federal court in Dallas, alleges that Stanford International Bank sold about $8 billion of so-called certificates of deposit to investors by promising "improbable and unsubstantiated high interest rates."

The rates allegedly allowed the bank to achieve double-digit returns on its investments for the past 15 years. U.S. District Judge Reed O'Connor entered a temporary restraining order and froze Stanford's assets.

The SEC's outgoing enforcement chief Linda Chatman Thomsen says Stanford and his family and friends "perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors."


CNBC is reporting that US federal agents have entered the Houston office of the Stanford Financial Group. Read the full report here.

The Huffington Post intends to dig deeper into this story, and we need your help. If you have invested with Stanford or know about the bank's business practices, we want to hear from you. Email us at submissions Stanford@huffingtonpost.com.

If you have invested with Stanford, let us know about your returns on investment. Have you tried to get your money back and been rebuffed? What have you been told about the bank's portfolio? How long have you been invested with him?

If you know Stanford personally, tell us about him.

Email your insights to submissions Stanford@huffingtonpost.com