fraud

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Stanford Had a Castle, Fleet of Planes

Paternity-suit docs reveal lifestyle of the rich and fraudulent

(Newser) - Say this for Sir Allen Stanford: He knew how to live large. The alleged fraudster once lived in his own Florida castle, complete with moat, and owned, among other baubles, $100 million worth of airplanes, Bloomberg reports. Those assets and others are detailed in court documents from a paternity case...

Stanford's Dad: 'I Hope He's Not a Crook'

(Newser) - “I can’t believe these allegations,” says James Stanford. The 81-year-old has recently been subpoenaed by the SEC about the actions of his now-infamous son, R. Allen Stanford, who’s accused of an $8 billion fraud scheme. Stanford sits on the Stanford Financial board but hasn’t been...

FBI Finds Stanford in Virginia
 FBI Finds Stanford in Virginia  
updated
Feb 19, 2009 4:11 PM CST

FBI Finds Stanford in Virginia

(Newser) - Manhunt over: FBI agents located fugitive financier Sir R. Allen Stanford near Fredericksburg, Va., today and served him with civil legal papers on behalf of the SEC. Stanford, accused of bilking investors of $8 billion, is not under arrest and remains free. He did, however, turn over his passport to...

Obama Gives Stanford Money to Charity
Obama Gives Stanford Money to Charity
Feb 19, 2009 12:06 PM CST

Obama Gives Stanford Money to Charity

Alleged fraud artist donated to many pols, including McCain

(Newser) - Barack Obama has donated the $4,600 in campaign contributions he received from R. Allen Stanford to charity, the LA Times reports. Obama is one of many politicians the alleged fraudster courted; another was John McCain, who promised yesterday that he too would return or donate the funds. Stanford was...

Stanford's Other Mess: Cricket
 Stanford's Other Mess: Cricket  
Feb 19, 2009 10:45 AM CST

Stanford's Other Mess: Cricket

(Newser) - Before he was charged with massive fraud, Sir Allen Stanford was often charged with an equally grievous offense: subverting the game of cricket. The Texan was among the sport’s deepest-pocketed fans, but the fast-paced Twenty20 tournaments he favored annoy purists. When Stanford put up $20 million in prize money...

Venezuela Seizes Stanford Bank, Calls It Healthy

Country provided up to 30% of group's funds

(Newser) - Venezuela has taken control of a bank run by alleged fraudster R. Allen Stanford and his Stanford International Group, the New York Times reports. A banking regulator said the retail bank is essentially healthy, but Venezuelans are still fretting. “When Venezuelan forces say nothing is wrong,” explained one...

Stanford May Have Ties to Mexican Drug Cartel

FBI money laundering probe predated SEC swoop on financier

(Newser) - Fugitive financier R. Allen Stanford was under investigation over possible ties to a Mexican drug cartel long before the SEC swooped in on his firm, federal authorities tell ABC News. The FBI and other agencies began probing Stanford on suspicion of money laundering a year ago, after Mexican authorities detained...

SEC Missed Stanford Warning Signs
SEC Missed Stanford Warning Signs
Feb 19, 2009 5:24 AM CST

SEC Missed Stanford Warning Signs

Minor fines levied for violations that should have been red flags

(Newser) - Years of SEC probes into the Stanford Group's finances resulted in wrist-slaps for violations that experts believe should have been huge red flags for investigators, the New York Times reports. The firm, suspected of engaging in an $8 billion fraud, paid out just $60,000 in the past 2 years...

Antigua, Stanford's Banking Base, Braces

Account holders line up to withdraw money, despite assurances from PM

(Newser) - The SEC's allegations of fraud against R. Allen Stanford prompted concern on the tiny Caribbean island of Antigua, the base of the financier's bank. Despite reassurances from the prime minister, customers lined up at both branches of the Bank of Antigua to make withdrawals yesterday. Some seemed to emerge with...

Stanford Spent Millions to Lobby Congress

$8B scammer's island junkets helped push anti-tax agenda

(Newser) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the...

Lawyer Bolted From Stanford, Sparking $8B SEC Action

Attorney 'disaffirmed' earlier statements

(Newser) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial...

Who Is Sir Allen Stanford (Other Than $8B Scammer)?

(Newser) - Alleged fraudster R. Allen Stanford may not have been a household name before the SEC accused him of skullduggery yesterday, but not because he’s been keeping a low profile. Calling himself “Sir” Allen Stanford ever since he was knighted in Antigua in 2006, the colorful financier is the...

Fugitive Financier Has $8B Headstart
Fugitive Financier Has $8B Headstart
OPINION
Feb 18, 2009 1:48 AM CST

Fugitive Financier Has $8B Headstart

SEC has slim chance of finding Stanford, missing stash

(Newser) - Financier Robert Allen Stanford is now a fugitive and SEC officials don't look any likelier to get their man than his investors do to get their money back, Felix Salmon writes in Portfolio. Regulators have been sniffing around his operations for long enough to ensure he's got a contingency plan...

SEC Accuses Texas Firm of 'Massive Fraud'

$8B missing, bank barring withdrawals from offshore accounts

(Newser) - The SEC today accused Robert Allen Stanford, head honcho of Stanford Financial group, of running a “massive, ongoing fraud,” and roughly 40 policemen and other law enforcement officials raided the group’s Houston headquarters. The group sold $8 billion in certificates of deposit with abnormally high rates of...

Financial Fraud Investigations Overwhelm FBI

Enron-style crisis in mortgage, bailout cases looms

(Newser) - The mortgage crisis and the billions of bailout dollars finding their way into circulation have spawned a surge in fraud cases that already is straining federal law enforcement resources, reports the Los Angeles Times. The FBI is stretched to the limit by 2,300 current investigations—but just 38 are...

Madoff Scam Zaps Key Science Funds
Madoff Scam Zaps Key Science Funds
Feb 12, 2009 2:23 AM CST

Madoff Scam Zaps Key Science Funds

Medical research set back years as bilked charities slash aid

(Newser) - Bernard Madoff's alleged Ponzi scheme is sending shockwaves deep into the worlds of medicine and science as scammed charitable foundations yank funding for key research projects, reports the Wall Street Journal. Experts believe the number of people affected by the scam's impact on health care could run into the millions....

Madoff's Wife Withdrew $15.5M Days Before Arrest

Deadline for criminal indictment extended 30 days

(Newser) - Ruth Madoff withdrew $10 million from a Madoff-related brokerage firm the day before her husband was arrested, according to a complaint filed by Massachusetts’ secretary of state, the Wall Street Journal reports. She also withdrew $5.5 million a few weeks earlier, according to documents from Cohmad Securities, which Bernie...

Facebook 'Friend' Emergency Latest Online Scam

Cybercriminals hijack Facebook accounts to pose as friends in crisis

(Newser) - Fraudsters posing as friends who need emergency cash are scamming Facebook users out of thousands of dollars, CNN reports. Criminals filch Facebook identities, then bombard their friends with desperate-sounding messages pleading for money. The scammers often claim to have been robbed in a foreign country and beg the friend to...

See Full List of Madoff Victims (Sandy Koufax, Too)

(Newser) - Baseball legend Sandy Koufax has joined the list of Bernie Madoff's victims, the New York Post reports. And the Dodger great isn't even the only pitcher: former Met Tim Teuful is an unwelcome teammate. A complete list of victims in the $50 billion Ponzi scheme was made public today after...

Madoff Whistleblower Slams SEC's 'Financial Illiteracy'

(Newser) - The fraud investigator who tried for a decade to convince the SEC to investigate Bernie Madoff will deride the board's "financial illiteracy" before a Congressional panel today, according to prepared testimony obtained by the Wall Street Journal. Whistleblower Harry Markopolos will also testify that investigating Madoff "posed great...

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