Another Day, Another Massive Fraud
Tuesday, February 17, 2009 at 7:31AM Some of the comments to this article (excerpt below) in the Toronto Globe & Mail are pretty funny ...
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My wife never used to understand when I would tell her that the real difference between a "nice" neighbourhood and a "bad" neighbourhood isn't the character of their residents; it's the quality of their crimes. Now she understands.
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I remember the day when people used to recoil in horror at multi-thousand dollar frauds. Then it went to a million or so dollar frauds. Funny, I don't remember too many frauds in the 10's of millions, seems to have jumped right to the multi-billion dollar level.
It seems that any fraud now under 100 million just isn't news worthy anymore. Hell, million dollar frauds now will be heard in small claims court on the 5th floor. That is chump change nowadays.
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Texas financier charged with 'massive' fraud
STEPHEN BERNARD
The Associated Press
February 17, 2009
NEW YORK — U.S. federal regulators on Tuesday charged Texas financier R. Allen Stanford and three of his firms with a “massive” fraud that centred around high-interest-rate certificates of deposit, and raided some of the companies' offices.
In a complaint filed in federal court in Dallas, the Securities and Exchange Commission alleged Mr. Stanford orchestrated a fraudulent investment scheme centred on an $8-billion (U.S.) CD program that promised “improbable and unsubstantiated high interest rates.”
Mr. Stanford's assets, along with those of the three companies, were frozen. Mr. Stanford's firms include Antigua-based Stanford International Bank, broker-dealer Stanford Group Co. and investment adviser Stanford Capital Management, which are both based in Houston.
The bank's chief financial officer, James Davis, and Stanford Financial Group's chief investment officer, Laura Pendergest-Holt, were also charged in the complaint.
U.S. District Court Judge Reed O'Connor has appointed a receiver to handle the frozen assets.
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