Here we go again! Another man who didn’t take a Payday Loan

Texas billionaire in massive fraud scandal

Sir Allen Stanford

No Payday Loan for Texas magnate and cricket promoter Allen Stanford. He used the Bernie Madoff system and ripped off the very respectable amount of $9.2 billion.

Allen Stanford

The Securities and Exchange Commission says that Stanford is facing civil fraud charges for "promising improbable and unsubstantiated high interest rates." Stanford has had his assets frozen.

Multi-billion dollar fraud

Stanford and three of his companies have been charged with "orchestrating a fraudulent, multi-billion dollar investment scheme centering on an eight billion CD program".

No ordinary man

Look at Stanford's companies:

• The Antiguan-based Stanford International Bank (SIB), Houston, Texas-based broker-dealer
• Investment adviser Stanford Group Company (SGC),
• Investment adviser Stanford Capital Management.

And that’s not all

There is also a SEC complaint about an additional scheme relating to $1.2 billion in sales by SGC advisers of a mutual fund program, called Stanford Allocation Strategy (SAS), by using "materially false" data.

The chief financial officer and the chief investment officer of Stanford Financial Group are also being investigated.

The charges

The director of the SEC’s enforcement division says that Stanford and his circle of family and friends with whom he runs his businesses, perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors. ... click here to read the rest of the article titled " Here we go again! Another man who didn't take a Payday Loan"