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According to ABC News, federal authorities do not know the current whereabouts of Texas banker R. Allen Stanford, who was accused Tuesday by the SEC of trying to bilk some 50,000 customers out of $8 billion. His apparent disappearance comes despite raids Tuesday of Stanford's offices in Houston, Memphis, and Tupelo, Miss.
ABC also reports that federal authorities say the case could grow as big as the $50 billion ponzi scheme allegedly perpetrated by Bernie Madoff.
Federal regulators charged R. Allen Stanford and three of his companies with a "massive" fraud. According to the Securities and Exchange Commission's complaint, filed in federal court in Dallas, Stanford International Bank sold about $8 billion of so-called certificates of deposit to investors by promising "improbable and unsubstantiated high interest rates."
There are a number of surprising revelations buried in the complaint. We highlight seven of the most shocking below:
1. Stanford posted identical returns two years in a row, in 1995 and 1996, indicating the fraud has been going on for at least 13 years.
2. Stanford and CFO James Davis have "wholly failed" to cooperate with the SEC investigation.
3. There was no army of analysts combing through Stanford's multi-billion-dollar portfolio. Rather, the only research conducted on companies in which he was investing came from Stanford himself, and CFO James Davis.
4. Stanford told at least one client that the SEC was freezing CDs, a blatant impossibility.
5. Stanford lost money from the Madoff ponzi scheme, "despite the bank's public assurances to the contrary." One analyst puts the loss at $400,000.
6. Despite repeated calls from the SEC to Stanford's Antigua-based accounting firm, the accountants never answered their phones.
7. And as if the SEC couldn't put it any clearer, Stanford's public statements about its investments "are false."
Originally posted by Maxmars
Most regulatory bodies, most pointedly the SEC, the FDA, FCC, EPA, IRS are, in fact, no longer in the hands of the people. They are populated by leadership and mid to upper level policy-makers who are "Corporate" appointees.
DO the research and you will find that our government has been infiltrated by what we could rightly call 'organized crime.'