R. Allen Stanford's Guilty Conviction Brings An End To A Terrible Chapter In Banking History

March 8. 2012

R. Allen Stanford

Financial fraudster R. Allen Stanford, who was arrested and remanded into custody in 2009, over a $7 billion dollar ponzi scheme the FBI knew of for over a decade, but let continue to the detriment of the public, was found guilty on a host of criminal charges, during March 6, 2012 court proceedings.

Stanford's corrupt bank sold the domestic and international public certificates of deposit (CDs) with a high rate of return, not supported by any discernable profits. It was all a ponzi scheme to fleece the public and fund Stanford's very lavish lifestyle that included mansions around the world, wives and mistresses.

Due to the Stanford's ties to President Bush and the $5,000,000 in donations he gave Congress, the FBI, headed up by Robert S. Mueller, covered up his crimes for over a decade, which caused the damages in the case to grow to over $7 billion dollars. This represents the public's money unwittingly invested in Stanford's scam, much of which is forever lost to the ponzi scheme and his extravagant spending.

Stanford's remaining stolen, ill-gotten assets were no where near enough to even approach the amount of money the public lost, to make any type of decent financial restitution to victims (FBI has only found peanuts in missing funds).

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