$90 Million Found In Allen Stanford Case

March 4. 2009

Peanuts Compared To What Has Been Stolen

$90 Million Dollars Found

The FBI announced the receiver in the R. Allen Stanford ponzi scheme has found $90 million dollars. Considering $8 billion has gone missing, that is very unimpressive and will be infuriating to victims. Furthermore, why is he still free? Is it due to a rumored connection to the CIA and George Bush sr., that you knowingly let this man rob so many people, for so many years and still allow him to walk the streets.

Jurisdiction

Photo courtesy of Reuters

There is a battle for jurisdiction brewing in the Stanford case. The U.S. government seeks to seize Stanford’s assets in the Caribbean nation of Antigua, who also seek to move in on the disgraced fraudster’s property and cash, to repay investors that were fleeced on the island.

Considering the FBI and SEC knew for well over a decade that Stanford was committing various financial crimes, yet allowed him to turn the small nation of Antigua into a colonial slave outpost, racking up more and more financial losses over the last decade, whilst ripping off investors on said island, Venezuela and South America, they need to bow out of trying to scrape up chunks of Antigua.

After all, it is squarely the FBI and SEC’s fault that it got to this terrible stage. The FBI and SEC’s complicity for all these years has brought a small nation to the brink of collapse. That’s bad foreign policy. Stanford has turned their nation upside down, as the FBI and SEC sat idly by. Therefore, said law enforcement agencies need to back off and let them regain their footing. Respect their jurisdiction.

Venezuela

George W. Bush (center) 

It is being reported that Venezuelan citizens are going to take a big financial loss as well, due to Stanford’s dealings in their country, with losses totaling $3 billion. George W. Bush will no doubt be happy at this news, regarding Stanford’s misconduct, which he has known about for years, as he hates Chavez.

U.S. Workers Worried

It has been reported that many of Stanford’s employees in Texas, Mississippi and Florida are worried they have been tainted by association. I don’t believe every employee knew what Stanford was doing. There are many workers that have no clue as to what goes on at the management level of the companies they work for.

It’s usually the Chairmen, CIOs, CEOs, CFOs, accountants and lawyers that often know about misconduct in companies they work for. Three years ago, two newly hired employees crunched Stanford’s numbers, realized they did not add up, brought it to his attention and he angrily fired them. They promptly sued him and the case is still in court. Therefore, not every employee is engaging in a criminal conspiracy.

STORY SOURCE

Stanford receiver finds $90 million in assets: FBI

Fri Feb 27, 2009 5:44pm EST - HOUSTON (Reuters) - The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford, who is charged with fraudulently selling $8 billion in certificates of deposit, has located $90 million in assets so far, an FBI agent said on Friday.

http://www.reuters.com

Stanford receiver: Company's situation 'dire'

Investors looking for a glimmer of hope regarding their chances of getting their money back from Stanford Financial Group heard more troubling news on Monday…In a statement issued delivered to a U.S. District Court judge in Dallas in a packed courtroom, attorney Ralph Janvey said the “liquidity situation and overall financial condition of the Stanford entities can only be described as dire.”…

The SEC has accused company chairman Robert Allen Stanford, as well as Jim Davis, the company’s chief financial officer, and Chief Investment Officer Laura Pendergest-Holt of running the Ponzi scheme and misappropriating as much as $1.6 billion of investors’ funds…

http://www.bizjournals.com

Stanford bank collapse threatens Venezuela

THE collapse of a Venezuelan bank owned by R. Allen Stanford is raising concerns about a run on deposits. It is feared the run on deposits could threaten the nation's economy and financial system. Mr Standford, a Texas financier and cricket promoter, has been accused of fraud,

On Saturday, President Hugo Chávez blamed his political enemies for rumours about mass withdrawals, and urged depositors not to pull their savings from domestic banks...

http://www.theaustralian.news.com.au

Antigua's senate OKs bid to seize Stanford assets

ST. JOHN'S, Antigua (AP) — Antigua's Senate voted Friday to seize R. Allen Stanford's property, setting up a possible showdown with a court-appointed receiver who is securing the billionaire's assets for investors in his allegedly fraudulent offshore bank scheme.

The measure passed easily, with 12 senators in favor and three abstentions, a day after the lower house of Parliament also voted to confiscate about 250 acres, including businesses that formed the basis of Stanford's empire on the twin-island nation of Antigua and Barbuda. 

http://www.google.com