Allen Stanford

By: Scott Cohn Senior Correspondent, CNBC  A former regional enforcement director with the Securities and Exchange Commission who allegedly derailed repeated attempts to investigate convicted Ponzi schemer Allen Stanford and then tried to represent Stanford in private practice has been barred from practicing before the Commission for one year, the SEC said.Spencer Barasch, 54, a partner at Andrews Kurth, previously agreed to pay a $50,000 civil penalty to the Justice Department to settle...Read Full Story

Posted on March 21, 2012 by dhopsicker Missing from coverage of the conviction two weeks ago of Texas "financier"Allen Stanford for running a $7 billion Ponzi scheme was any mention of Stanford's long-time role as an authentic-if no longer certified-American Drug Lord. "Sir" Allen (the title was bought) is an excellent example of a curiously under-publicized species: the American Drug Lord. (The U.S. Drug Enforcement Administration claims the species doesn't even exist; it may be they have...Read Full Story

By DAVID LEEDALLAS (CN) - Investors defrauded by Allen Stanford's $7 billion Ponzi scheme say in court that the fund's auditor knowingly participated in the fraud. The Official Stanford Investors Committee filed the federal complaint against BDO USA, and related entities BDO International, BDO Global Coordination and Brussels Worldwide Services. The complaint abbreviates Stanford Group Co. as SGC. "Despite the pervasive fraud that infected Stanford Financial Group's operations, BDO USA...Read Full Story

The day after R. Allen Stanford was convicted of operating a $7 billion Ponzi scheme, members of Congress pressed officials of the Securities Investor Protection Corp. to reimburse his victims.And if those lawmakers have their way, investment advisers might bear the brunt of higher costs.The frustration of lawmakers from both parties is building, as SIPC maintains that the Stanford case doesn't involve custody of funds at a brokerage firm, which it says is the limit of its statutory mandate...Read Full Story

Andrew Crank, Olswang LLP Case Previews  (i) Stanford International Bank Limited (acting by its joint liquidators) (Appellant) v Director of the Serious Fraud Office (Respondent); and(ii) Stanford International Bank (acting by its joint liquidators) (Respondent) v The Director of the Serious Fraud Office (Appellant) (Oral Hearing) Earlier this year, the Supreme Court heard a complex dispute arising from the collapse of Stanford International Bank (“SIB”) in early 2009. The two appeals...Read Full Story

by: Andrew SchneiderMore than three years have passed since R. Allen Stanford's financial empire was revealed as a massive Ponzi scheme. In the second of a two part series, KUHF business reporter Andrew Schneider looks at the hurdles investors face in trying to recover even a fraction of their losses.Last year, the Securities & Exchange Commission ruled the Securities Investor Protection Corporation liable for the losses of Stanford investors. Stanford Group Company, the Houston-based broker...Read Full Story

Aaron M. Sprecher/Bloomberg News It was a vindication for the U.S. government, which closed down Stanford's financial empire in February 2009 but had failed for years to address signs that the business was built on air. The Stanford case was the biggest investment fraud since Bernard Madoff's.Stanford was found guilty on 13 counts of a 14-count criminal indictment, including fraud, conspiracy and obstructing an investigation by the U.S. Securities and Exchange Commission. He was found not...Read Full Story

Aaron M. Sprecher/Bloomberg News It was a vindication for the U.S. government, which closed down Stanford's financial empire in February 2009 but had failed for years to address signs that the business was built on air. The Stanford case was the biggest investment fraud since Bernard Madoff's.Stanford was found guilty on 13 counts of a 14-count criminal indictment, including fraud, conspiracy and obstructing an investigation by the U.S. Securities and Exchange Commission. He was found not...Read Full Story

R. Allen Stanford Financial fraudster R. Allen Stanford, who was arrested and remanded into custody in 2009, over a $7 billion dollar ponzi scheme the FBI knew of for over a decade, but let continue to the detriment of the public, was found guilty on a host of criminal charges, during March 6, 2012 court proceedings. Stanford's corrupt bank sold the domestic and international public certificates of deposit (CDs) with a high rate of return, not supported by any discernible profits. It was all...Read Full Story

Cricket mogul Allen Stanford found guilty of USD 7 billion Ponzi scheme Houston (Texas): Mar 7, 2012 Financier and cricket mogul Allen Stanford was found guilty by a US jury of a $7 billion Ponzi scheme, closing the book on the flamboyant ex-tycoon's stunning fall from grace. The verdict will bring some satisfaction -- but likely little financial relief -- to 30,000 investors from more than 100 countries who were bilked by bogus investments with Stanford International Bank. Investigators...Read Full Story