bobcat
Posts: 678 +69
[FONT=Arial]Banker convicted of stealing $7bn[/FONT]
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.
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
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.
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
