SEC Moves On Robert Alan Stanford

OK, let’s do the obligatory post about Robert Alan Stanford and his $8 billion bank fraud and move on. There are a couple links below for those who want to dive into this train wreck and from the New York Times, here is what happened this morning.

Stopping what it called a “massive ongoing fraud,” the Securities and Exchange Commission on Tuesday accused Robert Allen Stanford, the chief of the Stanford Financial Group, of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.

In the complaint, filed in Federal District Court in Dallas, the S.E.C. accused Mr. Stanford and two associates — James M. Davis, a director and chief financial officer of Stanford Group and the Antigua-based bank affiliate, and Laura Pendergest-Holt, the chief investment officer of both organizations — with misrepresenting the safety and liquidity of the uninsured CDs.
Recessions do seem to drive these sewer rats out into the light of day, don’t they.
more: here and here
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