It is no good doing it by halves!

By bobcat
Jun 9, 2012
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  1. Banker convicted of stealing $7bn

    Allen Stanford, the billionaire Texas banker who was once knighted by the government of Antigua, was convicted of stealing $7bn in customer money to fund a high end lifestyle.

    Texas tycoon R. Allen Stanford spent more than 20 years charming investors, who handed him billions of dollars they had spent their lives accumulating through hard work and saving.

    Stanford promised them safe investments that would help fulfill their dreams of being able to retire comfortably or pay their children's college tuition. All the while, he was pulling their money out of his Caribbean bank to pay for a string of failed businesses and a jet-setting lifestyle.

    Stanford, once considered one of the wealthiest people in the U.S., with a financial empire that spanned the Americas, was convicted Tuesday on charges he bilked investors out of more than $7 billion.

    Prosecutors said his business acumen was nothing more than an old-fashioned Ponzi scheme, and jurors convicted him on 13 of 14 charges, including conspiracy, wire and mail fraud.

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    http://www.ft.com/intl/cms/s/0/437fdb56-6333-11e1-9245-00144feabdc0.html#axzz1w50Haxwi
    or
    http://www.huffingtonpost.com/2012/03/06/allen-stanford-conviction_n_1324225.html
  2. Doctor John

    Doctor John TechSpot Enthusiast Posts: 247   +15

    Yes, it's just an ordinary scam, but with a few more zeros on the end.
  3. davislane1

    davislane1 TechSpot Guru Posts: 1,173   +434

    Another one bites the dust.
  4. bobcat

    bobcat TechSpot Paladin Topic Starter Posts: 688   +67

    Like the other convicted ponzi con artist Bernard Madoff, Stanford stole from charities that kept money in his works.
    Those charities, some based on helping sick children, shut down from loss of funds.
  5. learninmypc

    learninmypc TechSpot Evangelist Posts: 5,088   +222

    I wonder what makes them think they can get away with it. Hell, I'm paranoid about crossing at the proper spot at the intersection because of the traffic cam & crossing light flashing the red hand. I know I can make it,but..................
  6. bobcat

    bobcat TechSpot Paladin Topic Starter Posts: 688   +67

    Update

    You may be interested to learn that the sentence has just been pronounced.

    http://link.ft.com/r/UXDMSS/QNX98L/08F76/16KI01/2OPUTL/D5/h?a1=2012&a2=6&a3=14
  7. learninmypc

    learninmypc TechSpot Evangelist Posts: 5,088   +222

    Good. Who is the next fool?


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