![]() ![]() On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a "massive Ponzi scheme". ![]() The Federal Bureau of Investigation raided Stanford's offices in Houston, Texas Memphis, Tennessee and Tupelo, Mississippi. securities laws for alleged "massive ongoing fraud" involving $7 billion in certificates of deposits. Securities and Exchange Commission with fraud and multiple violations of U.S. In early 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. He contributed millions of dollars to politicians in Antigua and the United States, amongst other countries. Virgin Islands, he holds dual citizenship, as a citizen of Antigua and Barbuda and of the United States. A fifth-generation Texan who once resided in Saint Croix, U.S. Stanford was the chairman of the now-defunct Stanford Financial Group of Companies. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme, and is now serving a 110-year federal prison sentence. Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. Former Chairman and CEO Stanford Financial Group (now defunct)īusinessman in the financial services sector, Ponzi scheme, involvement in Stanford Super Series ![]()
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