Speculation is rampant in the financial press that R. Allen Stanford -- who Forbes magazine estimates to have a fortune of $2.2 billion, making him #205 on their list of wealthiest Americans -- is the next Bernie Madoff. Forbes says Stanford Financial Group has $51 billion in assets under management. It just so happens that Stanford has an office in Boca Raton that caters to wealthy individuals. The 16 financial advisors listed on this Stanford website profess to ha
As we reported on this blog Friday, speculation has been flying through the financial community that Stanford et al could be operating an enormous Ponzi scheme a la Bernie Madoff. Now it's official: The US Securities and Exchange Commission filed suit in Dallas Monday against Stanford Group Co., seeking to halt what it describes as a "massive, ongoing fraud" perpetrated by billionaire R. Allen Stanford (pictured at the right) and his minions. The SEC has identified roughly $8
allenstanford.comR. Allen StanfordThis Stanford Group case keeps getting uglier. Stanford employees gave over $31, 000 to Barack Obama's presidential campaign and over $28,000 to Republican candidate Sen. John McCain.The only good news: FBI agents found alleged $8 billion fraudster Allen Stanford in Virginia yesterday and he turned in his U.S. passport.This morning, the New York Post quotes an insider who says that while Stanford's Miami office had the looks of a boiler room, the office in Boca
R. Allen Stanford, the billionaire head of Houston-based Stanford Financial Group, which kept offices in Boca Raton and Miami, among other markets, was indicted today on charges of fraud and obstruction of justice. Our sister blog Riptide has a report.
Photo: Caribbean CricketStanford: Texas ToastGEO Group and Stanford Group: two very rich businesses with offices in Boca Raton, which have both recently caught flak for acting unethically in their respective industries. Totally unrelated, except for one cruel twist of fate: Allen Stanford, awaiting trial on charges of committing a $7 billion fraud, currently finds himself in a Texas prison operated by GEO Group.Inmates in GEO Group's Texas facilities have a tendency to riot. Or, to use the eu
StanfordThomas Cash, who lives in Fort Lauderdale but who for years has been the chairman of Kroll, Inc., the risk consulting firm in Miami, resigned from that position last week amid allegations that he helped mislead investors who sustained losses in the alleged Ponzi scheme for which Allen Stanford has been charged.The New York Post reports that Cash, a former agent with the U.S. Drug Enforcement Administration, is accused in a lawsuit of telling skeptical investors that the Stanford Group
Flickr User: jennifer hThe Sears Willis TowerApparently, Chicago's black community is not keen on the name "Willis," which last month was affixed to what had always been the Sears Tower, the city's tallest building. And it's not because it has suspicions about Willis Group Holdings, the London-based insurance broker that has been linked to the Ponzi scheme by Allen Stanford. Rather, it's that Willis reminds black residents of Benjamin C. Willis, a public school superintendent who 50 years ago
