Allen Stanford charged with fraud

Covered End

U.S. charges Stanford Financial with "massive" fraud

HOUSTON/ST JOHN'S, Antigua (Reuters) - U.S. authorities charged Texas billionaire Allen Stanford and three of his companies with "massive ongoing fraud" on Tuesday as federal agents swooped in on Stanford's U.S. headquarters.
In a complaint filed in federal court in Dallas, the U.S. Securities and Exchange Commission accused the cricket-loving Stanford and two other top executives at Stanford Financial Group of fraudulently selling $8 billion (5.6 billion pounds) in high-yield certificates of deposit.
About 15 federal agents, some wearing jackets identifying them as U.S. marshals, entered the lobby of Stanford's office in the Houston Galleria area, a Reuters eyewitness said.
Stanford Financial said it remained open for business, but was "under the management of a receiver," according to a sign taped to the door of the firm's Houston office.
According to the 25-page SEC complaint, Stanford Investment Bank (SIB) sold $8 billion in CDs "by promising high return rates that exceed those available through true certificates of deposits offered by traditional banks."
The SEC said it was seeking to freeze assets.

Darren

I want to say 'GOOD!' But it's always the little people (ie. half the Antiguan population) who get the cack end of the stick.

Ormiston_Addick

Quelle surprise. Even more embarrassing for the useless tossers at the ECB who allowed English cricket to get sucked into that almighty farce held in the Carribean last year. What a farce international cricket has become, and all because of money.

BDL

Know an MCC member and he was spitting feathers when they let Stanford land his helicopter on the Nursery. "Not even Getty is allowed to do that"!

Ormiston_Addick

I would have loved to have heard Sir Frederick Trueman let rip about Stanford!!!

Although I see poor old gormless Botham, never the sharpest tool in the shed, got well and truly suckered in by Sanford too as did many others to be fair.

BDL

Actually I seem to remember Beefy being a bit scathing about Stanford before the 20 for $20m was announced. He wasn't sure of Stanford I recall.

mad83

In my eyes Stanford has done nothing but damage cricket and I hope he has nothing to do with cricket ever again and the ECB learns its lesson.

Ormiston_Addick

[cite]Posted By: BDL[/cite]Actually I seem to remember Beefy being a bit scathing about Stanford before the 20 for $20m was announced. He wasn't sure of Stanford I recall.

I just checked out the picture archives and Beefy is very prominent in many of the publicity shots, I can't find anything from Beefy questioning it so far.

BDL

Could be wrong, but I'm sure he was having a moan during commentary.

Saw Bill Morris on TV tonight saying they'd been through due diligence and had a lot of positive comments about Stanford from the WICB. That last comment should have raised some eybrows!!

BlackForestReds

[cite]Posted By: Ormiston Addick[/cite]

[cite]Posted By: BDL[/cite]Actually I seem to remember Beefy being a bit scathing about Stanford before the 20 for $20m was announced. He wasn't sure of Stanford I recall.

I just checked out the picture archives and Beefy is very prominent in many of the publicity shots, I can't find anything from Beefy questioning it so far.

If you check the photographs you'll note that Botham is wearing a jumper hung around his neck, while Viv Richards et all are in ties etc. From what I recall Botham was sceptical at the time and I'm guessing that Viv Richards persuaded him to turn up, that and Sky, his employers would have required his presence and support, they had the contract to broadcast the Stanford 20/20 competition in Antigua.

I'll give Botham the benefit of the doubt on this one.

Darren

Where's Wally? Stanford's done one. That's hilarious

SoundAsa£

[cite]Posted By: Covered End[/cite]U.S. charges Stanford Financial with "massive" fraud

HOUSTON/ST JOHN'S, Antigua (Reuters) - U.S. authorities charged Texas billionaire Allen Stanford and three of his companies with "massive ongoing fraud" on Tuesday as federal agents swooped in on Stanford's U.S. headquarters.
In a complaint filed in federal court in Dallas, the U.S. Securities and Exchange Commission accused the cricket-loving Stanford and two other top executives at Stanford Financial Group of fraudulently selling $8 billion (5.6 billion pounds) in high-yield certificates of deposit.
About 15 federal agents, some wearing jackets identifying them as U.S. marshals, entered the lobby of Stanford's office in the Houston Galleria area, a Reuters eyewitness said.
Stanford Financial said it remained open for business, but was "under the management of a receiver," according to a sign taped to the door of the firm's Houston office.
According to the 25-page SEC complaint, Stanford Investment Bank (SIB) sold $8 billion in CDs "by promising high return rates that exceed those available through true certificates of deposits offered by traditional banks."
The SEC said it was seeking to freeze assets.

For a moment I thought you said Alan Sandford....now there's a name from the past!
Anyone remember big Al from Charlton?....One of the original Covered End Choir lads from the mid sixties.