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U.S. agents enter Stanford Financial Houston office

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posted on Feb, 17 2009 @ 12:00 PM
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U.S. agents enter Stanford Financial Houston office


www.reuters.com

Federal agents entered the Houston office of Stanford Financial Group on Tuesday, about 15 U.S. marshals entered the lobby of Stanford's office in Houstons Galleria area.

Stanford Financial Group, which says it oversees more than $50 billion of assets, is being investigated by U.S. regulators, according to a person familiar with the matter.

The New YorkTimes reported that U.S. securities regulators had accused three top Stanford executives, including Robert Allen Stanford, of fraud.
(visit the link for the full news article)


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www.reuters.com


Admin Edit: corrected title to properly reflect breaking news headline.



[edit on 17-2-2009 by Crakeur]




posted on Feb, 17 2009 @ 12:00 PM
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On the streets of Antigua, Texas billionaire Allen Stanford is a controversial figure. Some embrace him while others deride him as a modern-day colonialist.

But nearly all say they fear a U.S. investigation into the tycoon's financial empire and Antigua-based offshore bank could damage the Caribbean island where Stanford is a household name, its biggest private employer and powerful business force.

Antiguan Finance Minister Errol Cort expressed confidence in the island's regulatory system which he said met the highest international standards.

"I have no fear in respect of that situation," he said of the Stanford investigation. "We have a very strong regulatory framework and structure. It has been tested not only regionally and internationally."

The U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and state regulators in Florida and Texas are investigating Stanford International Bank, which has 30,000 clients in 131 countries with $8.5 billion in assets.

They are examining the bank's ability to pay high yields on certificates of deposit that it says are invested mainly in stocks, real estate, hedge funds and precious metals, many of which have lost value in recent months.

Stanford's clients include many sports personalities. The 58-year-old Texan has close marketing ties with pro-golfers Vijay Singh and Camilo Villegas. Another golfer, Henrik Stenson of Sweden, signed a multi-year endorsement deal in July, while English soccer star Michael Owen of Newcastle United signed last April.

The investigation comes at a sensitive time for U.S. regulators who were heavily criticized for missing tips about Bernard Madoff's suspected $50 billion fraud.

Antigua's Financial Services Regulatory Commission met officials of Stanford's Antiguan bank over the weekend but declined to comment on their findings.


www.reuters.com
(visit the link for the full news article)



posted on Feb, 17 2009 @ 12:03 PM
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High yields in this market? I bet they found another one. Good find!



posted on Feb, 17 2009 @ 03:50 PM
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reply to post by ACEMANN
 


NPR says they "only" lost $8,000,000,000 but the Feds say he controlled $50Bn!

pisses me off.



posted on Feb, 17 2009 @ 04:02 PM
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reply to post by jdub297
 

As the day goes by, the numbers and people involved are growing.

huffpo.com is running with this now, too.



posted on Feb, 18 2009 @ 01:12 PM
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And now his whereabouts are unknown:


Stanford whereabouts unknown after charges: SEC

WASHINGTON (Reuters) - Federal regulators said on Wednesday they do not know the whereabouts of billionaire Texas banker Allen Stanford, charged with "massive" international financial fraud, federal regulators said on Wednesday.

"We are unaware of his whereabouts," SEC spokeswoman Kimberly Garber said from Texas. Asked if Stanford may be outside the United States, she said, "Certainly that's a possibility but we don't know."


www.reuters.com... 090218?feedType=RSS&feedName=topNews



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