Local Financial Analyst Packages Stanford Case for SEC | The Daily Pulp | South Florida | Broward Palm Beach New Times | The Leading Independent News Source in Broward-Palm Beach, Florida

Broward News

Local Financial Analyst Packages Stanford Case for SEC

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 billion in certificates of deposit sold by the company that yield questionably high rates of return. Here's the SEC's full complaint.

I called Stanford's Boca Raton office this afternoon and asked to speak with Scott Chaisson, the investment firm's managing director. The secretary at the office responded: "We're not taking any calls right now. Thank you."


Alex Dalmady, the analyst whose interest in Stanford appears to have triggered the investigation, is based in Weston.

KEEP NEW TIMES BROWARD-PALM BEACH FREE... Since we started New Times Broward-Palm Beach, it has been defined as the free, independent voice of South Florida, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Amy Guthrie
Contact: Amy Guthrie

Latest Stories