Tag: Crime

  • Frederic Bourke tried for bribery, while business partner stays in Bahamas

    When the economy nosedives, the scams – a la Madoff and Stanford Financial – rise to the surface.

    But the criminal case against Frederic Bourke and Viktor Kozeny, who encouraged investors to put millions into a high-risk oil venture in Azerbaijan, was assembled when the market was still in the stratosphere. They were indicted in 2005, on charges that they conspired to bribe Azerbaijan government officials to seize control of the state oil company.

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    Bourke, a founder of the fashion accessories firm Dooney & Bourke, is now on trial in federal court in New York.

    Kozeny, president and chairman of Oily Rock Group Ltd., is a fugitive living in the Bahamas. He has admitted paying off authorities, but says U.S. anti-bribery laws don’t apply to him. Charges have been dropped against a third defendant, former American International Group executive David Pinkerton.

    Kozeny is a Czech native with a history of exploiting opportunities in eastern Europe. Fortune magazine has called him the “Pirate of Prague” for the profits he made in his homeland in the early 1990s.

    Bourke, former husband of Eleanor Clay Ford of the Detroit Fords, met Kozeny in Aspen, where they both have houses. Bourke also has homes in Greenwich, CT, and Seal Harbor, ME.

    Kozeny pitched Oily Rock as a venture that could return high profits from privatization occurring in Azerbaijan after the breakup of the Soviet Union. The company attracted investments from George Mitchell, current envoy to the Middle East and former Democratic Senate majority leader; hedge funder Leon Cooperman; and the now-beleaguered AIG.

    Reuters reports that Bourke has denied knowing about the bribes and has accused Kozeny of stealing $180 million from him and other investors.

    Mitchell also testified last week that he had no idea that bribes were being paid. “If I’d known of any fraud or other illegal activity, I would not have become involved,” he told jurors.

    The Azeri oil operation, SOCAR, is still state-owned. The company announced last week that it had begun development of a Caspian oil field without any foreign investment.

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    • News of Jobs’ transplant was well timed

      June 24, 2009 at 10:35am

      Whoever leaked the story about Steve Jobs’ liver transplant could hardly have timed it better for Apple.

    • R. Allen Stanford charged with fraud and obstruction

      Texas financier R. Allen Stanford has been indicted on fraud and obstruction charges in a $7 billion investment scam, the Justice Department announced today.

      Three other Stanford company executives were also named in the indictment.

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      Stanford was arrested by FBI agents yesterday outside his girlfriend’s home in Virginia.

      According to the indictment unsealed today, Stanford and his co-defendants defrauded investors who bought $7 billion in certificates of deposit administered by Stanford International Bank in Antigua. About $1.6 billion allegedly was diverted in personal loans to Stanford.

      Stanford and the other execs are accused of lying about the bank’s assets, saying that they grew from $1.2 billion in 2001 to approximately $8.5 billion in December 2008.

      Also charged were Laura Pendergest-Holt, chief investment officer of Stanford Financial Group; Gilberto Lopez, chief accounting officer; Mark Kuhrt, global controller; and Leroy King, the former administrator and CEO of Antigua’s Financial Services Regulatory Commission.

      Pendergest-Holt was previously charged with misleading investigators in their probe of Stanford International Bank’s dealings.

      Stanford and three of his companies were named in an SEC civil lawsuit in February, accused of conducting a Ponzi scheme involving billions of dollars of investor funds.

      The commission said Stanford and “the close circle of family and friends with whom he runs his businesses” had fraudulently promised investors high returns, based on fabricated profits from past years.

      After the suit was filed, Stanford’s companies were placed in receivership and ceased operations. Office furnishings and artwork are being sold off by liquidators.

      James M. Davis, former chief financial officer of Stanford Financial and Stanford’s former roommate at Baylor University, is cooperating with investigators.

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      • Mark Walsh gets another crack at Lehman funds

        June 21, 2009 at 10:10am

        The man some blame for the investments that brought Lehman Brothers Holdings down is getting a second chance to profit from those investments.

      • Monica Conyers, wife of congressman, offered plea deal

        These days Congressman John Conyers, Michigan Democrat and chairman of the House Judiciary Committee, has taken to introducing his wife by her maiden name, Monica Eskers.

        But in Detroit, where she’s now being squeezed by the feds to accept a plea deal ahead of being indicted for bribery, she’s known as Detroit City Council President Pro Tem Monica Conyers.

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        Detroit media have reported that the councilwoman was videotaped accepting a bribe payment – which with others totaled $6,000 – to buy her vote for a $1.2 billion city sludge-disposal contract. Conyers originally opposed the contract, but changed her mind, swinging her vote for a 5-4 approval.

        She’s now mulling over a plea, but a deal has been stalled because she wants to stay out of jail and be charged with nothing more than a misdemeanor, not the 5-year felony offered by prosecutors.

        Conyers’ criminal woes are the latest produced by a years-long, wide-ranging FBI investigation into public corruption in Detroit. It’s had a lot to work with, although the highest profile crook to date, convicted felon and former mayor Kwame M. Kilpatrick, was brought down in a Pulitzer Prize-winning investigation by The Detroit Free Press.

        Also reportedly under federal investigation are the disgraced mayor’s father, Bernard N. Kilpatrick, a self-described business consultant, for taking $25,000 to grease the same sewage contract (his ex-wife and the ex-mayor’s mother is U.S. Congresswoman Carolyn Cheeks-Kilpatrick); city councilmember and ex-U.S. Congresswoman Barbara-Rose Collins, who is better known for wearing a princess tiara to council on her 70th birthday than any legislative achievements; and councilwoman Martha Reeves, who began her term by campaigning to have statues erected downtown of Motown’s best-known artists – including herself. Both Collins and Reeves also voted for the sludge contract.

        The squeeze was put on Monica Conyers when James Rosendall Jr. resigned as vice president of Texas sludge recycler Synagro Technologies and pleaded guilty to bribery conspiracy in January; and Rayford Jackson, a sub-rosa dealmaker, pleaded guilty this week to arranging the bribes.

        A local TV news wunderkind, Fox 2 anchorwoman Fanchon Stinger, was fired by the station after it became known that she showed up with Jackson to promote the sludge contract to a community group.

        Before earning notoriety in the bribe scandal, Monica Conyers was a darling of YouTubers for calling Detroit City Council President Ken Cockrel Jr. “Shrek” in open session, then losing a Detroit News-sponsored videotaped debate with an 8th-grade girl who questioned the councilwoman’s behavior. Since entering Detroit politics, she has also been in a bar fight, threatened to shoot somebody, and to have someone else beaten.

        With Detroit facing an election primary in August, Cockrel this week said he hopes federal investigators get on with their indictments.

        “I know in my experience with federal investigations, they tend to be slow and meticulous,” he said, “but when they come, they come like a ton of bricks. My feeling is if they’re going to come like a ton of bricks, they ought to come now.”

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        1 Comments

        • #1.   Hermoine Couther 06.20.2009

          I hope the Feds have what they need to take Monica down. She has been out of control for a very long time.

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        • Mark Walsh gets another crack at Lehman funds

          June 21, 2009 at 10:10am

          The man some blame for the investments that brought Lehman Brothers Holdings down is getting a second chance to profit from those investments.

        • Ex-Surgeon General Antonia Novello pleads not guilty

          New York politicians and political appointees are falling faster than bank stocks these days.

          The latest to be criminally charged is former U.S. Surgeon General Antonia Novello, who pleaded not guilty Tuesday to forcing state employees to work overtime to handle her personal chores when she was New York’s health commissioner from 1999 to 2006.

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          In a case reminiscent of the one that ended the career of former state Comptroller Alan Hevesi, who pleaded guilty in 2006 to using state workers to chauffeur his wife, Novello faces a 20-count indictment charging her with theft of government services, defrauding the government and filing a false instrument.

          Now an executive with Disney Children’s Hospital at Florida Hospital in Orlando, Novello, 64, could face up to 12 years in prison if convicted of all charges.

          It is a huge fall from grace for the politically connected physician and public health administrator. When George H.W. Bush appointed her Surgeon General in 1990, she was the first Puerto Rican and the first woman to serve in that job.

          Novello has long been a darling of the Republican Party, as well as a star in the public health world. During her tenure as Surgeon General, which continued until 1993, Novello focused on the health of women, children and minorities, as well as on underage drinking, smoking, and AIDS.

          But she was controversial among abortion rights advocates for supporting a policy prohibiting family planning program workers who received federal aid from discussing abortion with their patients.

          When former New York Gov. George Pataki, a Republican, appointed her health commissioner in 1999, she was considered a catch for New York.

          But almost from the start, there were complaints from those who worked with her. A scathing, January, 2009 report by state Inspector General Joseph Fisch found that she habitually abused the services of four state health department employees, requiring them to serve as her personal chauffeurs for shopping trips, driving around visiting relatives, buying her groceries, moving furniture and even watering the plans in her apartment when she was out of town.

          Medicaid fraud investigator Noreen Schifini, told state investigators that she was too busy driving the commissioner to Macy’s and Saks Fifth Avenue, among other destinations in New York City, to carry a portfolio of investigations.

          On numerous occasions, the report found that Novello had state workers drive her or her mother from the Albany area to Newark Liberty International Airport, roughly 300 miles round trip, to fly to Puerto Rico for personal business.

          On one occasion, she purchased a heavy statue of Buddha during a shopping excursion in Troy, N.Y., then required a Health Department security guard to move it into her apartment, and then a few days later move it to another spot in her home because she didn’t like how it looked, according t the report.

          Security guards who acted as her drivers said in interviews with state investigators that she would embarrass and yell at them if they did not do things the way she wanted and expected them to be at her beck and call at all hours.

          Fisch referred the case to Albany County District Attorney David Soares’ office, which brought the case to a grand jury.

          Novello’s attorney, E. Stewart Jones, said the charges were politically motivated and should have been addressed in a lawsuit, not a criminal case.

          “She is here because she has a bull’s-eye on her back,” he told the Asssociated Press. “Because politics is a contact sport. Because there are people who are vindictive and who wanted to get her ever since she left the state.”

          The investigation against Novello started in July 2007 under former Inspector General Kristine Hamann, an appointee of Democratic former Gov. Eliot Spitzer. Soares, Albany County’s district attorney, is also a Democrat.

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          • Characters in Lost would be lost without Jacob

            May 15, 2009 at 10:26am

            In NBC’s hit drama Lost, connections count. And the season finale this week introduced viewers to the most connected character of all: Jacob.

          • Lawyer Marc S. Dreier awaits sentencing after plea

            But for Bernard L. Madoff, Marc S. Dreier might be a household name.

            Accused of money laundering, wire fraud, securities fraud and other charges, Dreier pleaded guilty Monday in federal court in Manhattan. He had been charged with selling nearly $700 million in fake promissory notes. Investors may have lost as much as $400 million.

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            He faces a sentence of 20 years to life on each of the most serious charges against him.

            “I understand that everything I was doing was illegal,” Dreier told U.S. District Judge Jed Rakoff on the day before his 59th birthday, Bloomberg news reported.

            Rakoff allowed Dreier to remain under house arrest until his July 13 sentencing.

            By a purely monetary standard, Dreier’s offenses did not match those of Madoff, who took investors for as much as $68 billion.

            However, Dreier beats Madoff on style points, according to Robert Kolker of New York Magazine.

            “Dreier took a starring role in his own financial drama,” Kolker wrote. “Where Madoff was outwardly quiet and self-effacing, Dreier was openly egotistical, even smug. He seemed to think he could lie to his victims’ faces and get away with it, to thrill, even, in the art of deceiving people.

            A graduate of Harvard Law School, Dreier was the founder of Dreier LLP, a 250-member firm that had offices in New York City and Los Angeles before it fell apart after Dreier’s arrest.

            Seemingly successful, Dreier lived the high life before his troubles became public. He collected cars, art, celebrity friends. He gave to charities; dated beautiful women.

            He also created a financial house of cards that began to tumble last year as some investors asked for their money back.

            Scrambling for funds, Dreier flew to Toronto in December. While there, he represented himself to a hedge fund executive as an official with the Ontario Teachers’ Pension Plan.

            Something seemed wrong to the hedge fund guy; the police were tipped off. Dreier was arrested for impersonation. He spent a few days in jail and then was released on $100,000 bail.

            Unshaven, looking like someone coming up for air after a binge, Dreier headed back to the U.S. Authorities welcomed him a LaGuardia Airport with an arrest warrant.

            He stayed in jail until February when he was released on a $10 million bond.

            Under the terms of his bail, Dreier, who is represented by defense attorney Gerald L. Shargel, can’t leave his Upper East Side apartment without court permission.

            He has to pay for security guards and can’t have a cell phone. (The apartment is now for sale for $10 million.)

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            • GM considers move from Detroit’s Renaissance Center

              May 14, 2009 at 8:08am

              When GM CEO Fritz Henderson raised the possibility that the automaker could vacate the Renaissance Center, it raised the threat of both real and symbolic devastation for Detroit.

            • Judge rejects hardship plea from ex-Detroit mayor

              Convicted felon and former Detroit mayor Kwame M. Kilpatrick today lost a hardship bid to reduce $6,000 in monthly restitution payments to the city for his crimes.

              As part of a plea deal last year to end criminal prosecution in a sex and obstruction-of-justice scandal, the ex-mayor agreed to repay Detroit taxpayers $1 million, resign his office, serve four months in jail, forfeit his law license and refrain from running for elected office for five years.

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              After his release from jail, Kilpatrick moved his family to a Dallas suburb where he lives in a 2,800-square-foot home, drives a Cadillac Escalade, and earns a base salary of more than $100,000 with income potential of as much as $360,000 a year as a software salesman for Covisint, a subsidiary of Detroit-based Compuware Corp.

              Chairman and CEO Peter Karmanos, who moved Compuware headquarters to downtown Detroit in a political deal with Kilpatrick, said when he hired the confessed perjurer that he is “on a short leash,” and will be fired if an ongoing federal investigation of corruption in Detroit leads to new charges against him.

              Kilpatrick claimed hardship in the terms of his restitution, saying that after all monthly living expenses, only $6 remained to repay the city.

              Wayne County Circuit Judge David Groner, who had ordered those terms as part of Kilpatrick’s plea deal, said Kilpatrick will have to reconsider the “lifestyle in which he has grown accustomed.”

              “In other words,” Groner ruled, the ex-mayor “may not be able to sustain an upper-middle-class existence while he still owes a debt to society and a substantial financial debt to the citizens of Detroit.”

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              • Dave Bing, political neophyte, will be Detroit’s oldest mayor

                May 10, 2009 at 12:42pm

                When pro basketball hall-of-famer Dave Bing was elected May 5 as Detroit’s third mayor in less than a year, a voter turnout of just 14 percent showed they’d prefer a duke to an emperor, and age to outrage.

              • Glitterati may testify at trial of Brooke Astor’s son

                The witness list for the trial of socialite Brooke Astor’s son might have been ripped from the Social Register.

                David Rockefeller, Barbara Walters and Henry and Nancy Kissinger are among the prominent figures who may be called to testify at the trial of Anthony D. Marshall.

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                So may Annette de la Renta, the wife of designer Oscar de la Renta, and former United Nations boss Kofi Annan and his wife, Nane.

                Others on the list given to potential jurors Tuesday include Vanity Fair editor Graydon Carter, New York Public Library chief Paul LeClerc, novelist Louis Auchincloss and Philippe de Montebello, former head of the Metropolitan Museum of Art.

                Brooke Astor
                Brooke Astor

                “That is the circle that Brooke Astor traveled in,” Assistant District Attorney Joel Seidemann told the panel which will decide whether Marshall is guilty of stealing millions from his mother before her death two years ago at age 105.

                Seidemann said he wanted to make sure they would not be too star struck to focus on their deliberations.

                Kissinger, 85, Walters, 77, Rockefeller, 93, and De la Renta, 69, were close friends of Astor, New York’s leading philanthropist and unofficial first lady. They are expected to be asked about her mental state during her final years, how her son treated her and what they know about what he planned to do with her money when she died.

                Marshall, 84, is charged with fraud, conspiracy and grand larceny and faces 25 years behind bars if convicted at his trial, which could last three months.

                Prosecutors allege he stole more than $60 million from his mother, who was stricken with Alzheimer’s disease in her final years.
                They argue she wanted to leave her money to the institutions to which she had devoted her life, including the Met and the public library, but that Marshall conned her into changing her will to enrich himself and his wife.

                Co-defendant Francis Morrissey, a lawyer Marshall hired, is charged with conspiracy and forgery for allegedly faking Astor’s signature on the updated will.

                The two men say they are innocent, and will argue Astor was lucid at the time the will was changed.

                It is the lesser known names on the witness list – among them, Astor’s former butler, nurses, chauffeur and gardeners – who are expected to provide some of the most damning testimony, according to the New York Daily News.

                One nurse, Pearline Noble, kept a diary in which she used code names to describe people in Astor’s life – including “Miss Piggy” for Marshall’s wife, Charlene, prosecutors said.

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                • Brill and partners want to help online publishing’s bottom line

                  April 19, 2009 at 7:27am

                  Joined by two other media heavyweights, the man who created Court TV has launched a venture that could bring much-needed revenues to the embattled newspaper and magazine industry.

                • Holder to drop case against former Alaska Sen. Ted Stevens

                  The slate will be wiped clean for former Alaska Sen. Ted Stevens.

                  In the eyes of the law, at least, the man who narrowly lost re-election last fall after he was convicted of failing to report more than $250,000 worth of gifts from a contractor seeking political favors, will be considered innocent.

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                  The decision to ask the judge to void the conviction was made by U.S. Attorney General Eric Holder, after a new prosecution team discovered a previously undocumented interview with the star witness, William Allen, which sharply contradicted his most dramatic testimony in the four-week trial. The information had never been turned over to the defense, the Justice Department said in its motion to void the conviction.

                  “After careful review, I have concluded that certain information should have been provided to the defense for use at trial,” Holder said in a statement this morning. “In light of this conclusion, and in consideration of the totality of the circumstances of this particular case, I have determined that it is in the interest of justice to dismiss the indictment and not proceed with a new trial.”

                  The government is seeking dismissal of the charges “with prejudice,” meaning that they cannot be filed again.

                  The case against Stevens had been plagued by allegations of prosecutorial misconduct. Following his October conviction, an FBI special agent in Anchorage alleged that the lead female agent had had an “inappropriate relationship” with Allen, the chairman of defunct oil-field services company, Veco Corp., who was also the star witness against Stevens. The whistleblower also contended that prosecutors had withheld important information from the defense.

                  In February, U.S. District Court Judge Emmet G. Sullivan held four prosecutors in contempt, including DOJ Public Integrity Section Chief William Welch, for failing to produce documents relating to the agent’s claims.

                  At that point, the government appointed a new team, led by Paul O’Brien, chief of the Narcotics an Dangerous Drugs Section, whose group substantiated several of the allegations.

                  Stevens, who is 85, said in a prepared statement that he felt vindicated, but complained it had come too late to save his political career.

                  “I am grateful that the new team of responsible prosecutors at the Department of Justice has acknowledged that I did not receive a fair trial and has dismissed all the charges against me,” he said.

                  But he added: “It is unfortunate that an election was affected by proceedings now recognized as unfair. It was my great honor to serve the State of Alaska in the United States Senate for 40 years.”

                  Stevens lost his re-election bid to the former Anchorage mayor, Democrat Mark Begich a little more than a week after his conviction. Since then, his lawyers have filed several motions to dismiss the original indictment or to have a judge grant him a new trial.

                  While the attorney general’s decision doesn’t exactly exonerate Stevens, it shifts the focus to government misconduct.

                  “When you think of Ted Stevens, there will always be a little asterisk,” Sarah Binder, an expert on Congress at the Brookings Institution told NPR. “But this gives you a little pause to think that, in the end, there were allegations that the government couldn’t get it together to prove.”

                  Others noted the irony of a Democratic attorney general effectively voiding the conviction of a longtime Republican lawmaker.

                  Sen. Sheldon Whitehouse (D-R.I.), a fierce critic of the Bush Justice Department and a former U.S. attorney, noted that if Republicans wanted to complain that the Justice Department had wrongly cost them a Senate seat, they should recall that it was Bush’s Justice Department which brought the case.

                  Holder’s decision comes as a big blow to the Public Integrity Section of the Justice Department, which is responsible for conducting investigations into corrupt lawmakers. Stevens’ conviction was the unit’s biggest win in more than decade. Now that conviction will be tossed out, and prosecutors and FBI agents involved in the case are being investigated themselves.

                  Holder, himself a former prosecutor and judge, noted that the department’s Office of Professional Responsibility was conducting a review of the first etam’s conduct, raising the possibility that the prosecutors themselves could now face ethics charges.

                  Judge Sullivan ordered a hearing for April 7 on the government’s motion.

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                  • We are all Keynesians now – but especially Paul Krugman

                    April 3, 2009 at 11:20am

                    Economist Paul Krugman, who describes John Maynard Keynes as his “economic idol,” may be the right man at the right time. But supporters of Barack Obama certainly hope not.

                  • Stanford accused in a scam ‘of shocking magnitude’

                    Anyone suffering from Madoff fatigue may have a new money manager to deplore.

                    The Securities and Exchange Commission yesterday accused R. Allen Stanford and three of his companies with “orchestrating a fraudulent, multi-billion dollar investment scheme.”

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                    The scheme was connected to an $8 billion program in certificates of deposit, the complaint alleged.

                    A Texas judge has frozen Stanford’s assets to protect investors, according to an SEC statement.

                    “We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world,” said Rose Romero of the SEC’s Fort Worth office in the statement.

                    The New York Times reported on its website that police officers entered the Stanford Group’s offices in Houston yesterday.

                    Stanford, a dual citizen of the U.S. and Antigua and Barbuda and the billionaire chairman of Stanford Financial Group, allegedly used false data to lure investors.

                    The three Stanford Financial Group companies named in the complaint are: Stanford International Bank in St. John’s, Antigua, West Indies, Stanford Capital Management and Stanford Group Company of Houston.

                    According to the SEC, Stanford International Bank sold $8 billion in certificates of deposit by “promising improbable and unsubstantiated high interest rates.”

                    The commission’s complaint alleges that bank falsely claimed its investments lost only 1.3 percent in 2008 at a time when the S&P 500 lost 39 percent.

                    The complaint also points up the improbable coincidence that the bank reported identical earnings of 15.71 percent in 1995 and 1996.

                    And it alleges that only two people, Allen Stanford and James M. Davis, a director and CFO of Stanford Financial Group, are aware of the details of the bank’s investment portfolio.

                    Davis, Stanford’s roommate when they attended Baylor University, is also named in the complaint, as is Laura Pendergest-Holt, the chief investment officer of the bank and of Stanford Financial Group.

                    The complaint states that Stanford and Davis refused to testify in the investigation. Pendergest-Holt did testify.

                    According to The Wall Street Journal, word of investigations into Stanford International Bank had already sent investors rushing to Antigua to withdraw their money.

                    Allen Stanford had earlier told company employees that there would be a “temporary moratorium on early redemptions of CDs,” the paper reported.

                    A native of Texas, Stanford is the chairman and sole shareholder of the Stanford Investment Bank in Antigua.

                    According to the SEC, the bank claimed 50,000 clients in 2007. It does not loan money. Rather, it sells CDs through the Stanford Group Company.

                    Stanford became a citizen of Antigua and Barbuda 10 years ago. He was knighted there and is referred to as Sir Allen Stanford on his company’s website.

                    Stanford Financial Group sponsors a variety of sporting events, most recently a cricket tournament in Antigua with $20 million in prizes, reportedly the most lucrative in the history of the sport.

                    The Stanford International Bank had told investors in an earlier report that it had no exposure to funds controlled by Bernard L. Madoff, the investment manager who may have run a $50 million Ponzi scheme.

                    The Times reported, however, that the Stanford bank did lose $400,000 in an investment in a Madoff feeder fund.

                    According to federal records, Stanford has made extensive campaign contributions over the years.

                    Recipients of donations from Stanford, his companies or his employees include Democratic Senators Christopher J. Dodd of Connecticut and Charles Schumer of New York and Republican Senators John McCain of Arizona and John Cornyn of Texas.

                    Contributions have also gone to several members of the House of Representatives, including Charles Rangel of New York, a Democrat, and Republican Rep. John Boehner of Ohio.

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                    3 Comments

                    • #1.   Pellucid 02.18.2009

                      Your headline said he as arrested.

                      WHERE, HOW ???

                    • #2.   Zyskandar A. Jaimot 02.18.2009

                      The ‘SCAMSTER’ STANFORD’s friends in the US CONGRESS…
                      The latest ‘SCAMSTER’ on the WORLD FINANCIAL SCENE is
                      ALLEN STANFORD bilking people out of $8BILLIONS+[now of parts unknown cuz he has fled the US or made himself unavailable to authorities!] His ‘friends’ included among the top recipients and favorites getting the ‘SCAMSTERS’ illicit monies/favors: Senaturd Bill Nelson (D-Fla.), REPREHENSIBLE Congressman Pete Sessions (R-Texas), Senaturd John McCain (R-Ariz.), Senaturd Chris Dodd (D-Conn.) and Senaturd John Cornyn (R-Texas), one of the members who took a trip to Antigua where he was entertained by Stanford. GREAT ROSTER OF SCUMMY SYCOPHANTS EH THESE US SENATURDS???

                    • #3.   John Lloyd Scharf 02.18.2009

                      National Ponzi Scheme – Recovery.Gov – ARRA – Stimulus Plan

                      The $787 billion American Recovery and Reinvestment Act (ARRA) is an extention of the National Debt by $2580 for every man, woman, and child.

                      Of that, President Obama claims $288 billion is “Tax Relief,” or $944 per person. Then, he claims the “Tax Relief” includes $15 billion for infrastructure and science, $61 billion for “protecting the vulnerable,” $25 billion for education and training, and $22 billion for “Energy.”

                      So, after all those special tax cut programs are removed, that leaves $165 billion of more general “Tax Relief,” for all of us not in those categories, or $540 per person. So, you are going into debt for investing $2580 for $540 in tax relief.

                      A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from profit. Is the ARRA any less of a Ponzi Scheme when the Federal Government does this than when Charles Ponzi or Bernard Madoff does this? Does it matter whether Nicolas Cosmo, Allen Stanford, or Barack Obama does this?

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