Stanford Convicted by Jury in $7 Billion Ponzi Scheme

[janedrake]

http://www.nytimes.com/2012/03/07/busine...ud.html?hp

Quote:HOUSTON — A federal jury on Tuesday convicted R. Allen Stanford, a Texas financier, on 13 out of 14 counts of fraud in connection with a worldwide scheme that lasted more than two decades and involved more than $7 billion in investments.

Mr. Stanford listened to the verdict silently, barely tilting his head down while closing his eyes. His mother and other family members wept, while investors watching in the gallery also cried while expressing relief. He now faces a possible life sentence.

The jury decision followed a six-week trial and came three years after Mr. Stanford was accused of defrauding nearly 30,000 investors in 113 countries in a Ponzi scheme involving $7 billion in fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua....

The prosecutors heavily relied on James M. Davis, Mr. Stanford’s former roommate from Baylor University, who served as his chief financial officer. Mr. Davis testified that the Stanford business empire was a fraud complete with bribes for Antiguan regulators and schemes to hide operations from federal investigators. He described how Mr. Stanford had sent him to London to send a fax to a prospective client from a bogus insurance company office to reassure him that his investment would be safe.

Oh, how the mighty have fallen.

[jaxx]

It's always good to see someone who took advantage of others be convicted.
He preyed on people and made lots of money....and now he will rot in prison.

[janedrake]

(03-06-2012 11:23 PM)jaxx Wrote:  It's always good to see someone who took advantage of others be convicted.
He preyed on people and made lots of money....and now he will rot in prison.

Nothing to add there -- except, I always wonder, was it worth it? Was it worth possibly living the rest of one's life in prison?

[SeattleGirl]

(03-06-2012 11:25 PM)janedrake Wrote:  

(03-06-2012 11:23 PM)jaxx Wrote:  It's always good to see someone who took advantage of others be convicted.
He preyed on people and made lots of money....and now he will rot in prison.

Nothing to add there -- except, I always wonder, was it worth it? Was it worth possibly living the rest of one's life in prison?

He probably had Rich Person's Syndrome, which is characterized by the belief that the rich can do whatever they want and never EVER have to pay for it.

[janedrake]

(03-06-2012 11:32 PM)SeattleGirl Wrote:  

(03-06-2012 11:25 PM)janedrake Wrote:  Nothing to add there -- except, I always wonder, was it worth it? Was it worth possibly living the rest of one's life in prison?

He probably had Rich Person's Syndrome, which is characterized by the belief that the rich can do whatever they want and never EVER have to pay for it.

Good point.