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Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme , [ 1 ] [ 2 ] [ 3 ] and is now serving a 110-year federal prison sentence.
A federal judge ordered an end to the U.S. Securities and Exchange Commission's 16-year-old lawsuit over Allen Stanford's $7.2 billion Ponzi scheme, directing the financier and two former ...
Allen Stanford traced his company to the insurance company founded in 1932 in Mexia, Texas, by his grandfather, Lodis B. Stanford. [6] [7] However, there was no direct connection between the insurance company and Allen Stanford's banking business, which he started on the British Overseas Territory of Montserrat in the West Indies in the 1980s. [8]
Texas native Allen Stanford found out just that when his $7 billion fraud came crashing down on his head in 2009. And for Stanford, it was a long, rocky slide from billionaire financier Sir Allen ...
In 2012 SEI was sued by investors in connection with the financial crimes committed by Allen Stanford. Stanford had sold investors bogus Certificates of Deposit (CDs) and the investors alleged that SEI, as well as other companies, had promoted and misrepresented the CDs as safe investments without performing appropriate due diligence.
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Serving 110 years under his actual name, Robert Allen Stanford. [14] Scheduled release in 2103. Owner of the now-defunct Stanford Financial Group ; convicted in 2012 of 17 charges, including fraud , money laundering and masterminding a Ponzi scheme which defrauded thousands of investors of over $7 billion; the story was featured on the CNBC ...
Accused Ponzi schemer Allen Stanford, whose attorney says he is unfit to stand trial on allegations of fraud, will be examined by a government psychiatrist. Federal prosecutors asked for the ...