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Where is your Money? Stanford Clients Can’t Get Cash, Close Accounts, Receiver Says

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posted on Feb, 22 2009 @ 03:31 PM
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This is a perfect example of the kind of shakedowns that are to come.
If this does not scare you into checking your IRA ROTH 401 etc, what will?

When news broke of this the investors and clients did not even have a fair opportunity to access thier accounts. The SEC knew about this for a while, just like Madoff. Keep your eyes peeled on your investments.


Feb. 21 (Bloomberg) -- Customers of Stanford Financial Group Co.’s brokerage and advisory units were told by a court- appointed receiver overseeing as much as $50 billion in assets that they can’t take out cash or close accounts.
“For the foreseeable future, customers cannot use their accounts to make payments because transfers out of these accounts are frozen until the receiver is able to verify there are no legal or equitable claims against those accounts,” Janvey said in the statement.


Bloomberg

[edit on 22-2-2009 by burntheships]




posted on Mar, 3 2009 @ 01:43 AM
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Wait around for years? Who can wait that long for money that is thier own?
This will be illuminating...to see how long it takes, and where all the money dissapears to in the mean time!

www.chron.com...

“There’s just a lot less patience out there,” he said. “People are in a fairly panicked state to begin with, and when they find they may have lost their life savings, they’re not willing to wait around three years for the government to tell them what happened.”



posted on Mar, 3 2009 @ 02:13 AM
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There was an article the other day talking about a MLB player who invested everything with Stanford and when he got busted that guy had nothing. He said he literally had $13 in his wallet and that was it. He had no money to pay his house and all other bills. He said he was going to have to ask his teamates for loans so he could pay his bills. This same guy signed a $2 million contract at the begining of the year.

Quite sad that he invested everything, that was just foolish.

edit: Here is that article, not sure if it was ever posted here
Tue Feb 24, 2009 1:51 pm EST

Scott Eyre is the latest ballplayer to admit he's almost broke
By 'Duk

Never thought we'd see a day when a pro ballplayer might take to selling apples or asking a fan to spare a dime, but thanks to the ongoing fraud schemes those farfetched scenes could become a reality this spring.

On Monday, Phillies reliever Scott Eyre became the latest MLB player to admit he's in a bit of a financial bind, telling MLB.com's Todd Zolecki that his assets are currently frozen due to the ongoing investigation into the Stanford Financial fraud case.

Just how bad is it? Well, because of the court-ordered freeze, Eyre says he's "broke right now" and that he has "$13 in my wallet." This after the lefty signed a one-year deal worth $2 million in the offseason.

From MLB.com:

"I can't pay my bills right now," Eyre said. "My wife just wrote all these checks to pay bills, and they're all going to bounce. If it takes a week or two to get my money back, I'm going to have to ask my teammates for some money. Seriously, I'm going to have to ask them that. I can't get any money out."

Eyre has another account not affiliated with Stanford, but he said that account doesn't have enough to handle living expenses — including mortgage, bills, etc. — on a long-term basis.

"We'll get our money back eventually," Eyre said. "They caught ours so early that they think we'll only lose the interest. Supposedly, the money is insured. But it's all a scheme, so who knows if that's real insurance or not?

Though some accounts may start to be unfrozen, the situation is the talk of clubhouses across Arizona and Florida. Both Johnny Damon and Xavier Nady of the Yankees have already said they've been affected and Mets pitcher Mike Pelfrey says "99 percent" of his cash is stuck. Meanwhile, other sport stars like soccer's Michael Owen and golf's Vijay Singh have been mentioned as victims of Stanford's farflung Ponzi scheme.

As for Eyre, the 36-year-old family man says he's thinking about 2009 being his last year in the game, although more financial uncertainty could change that.

While I know we're talking about someone who's already made more money that many of us could ever dream of, it's hard not to have sympathy for what these guys are going through and hope for a quick and easy solution for them. Simply put, you wouldn't wish this situation on the most hated player from your most hated rival. Godspeed, gentlemen.

[edit on 3-3-2009 by Kingfanpaul]

[edit on 3-3-2009 by Kingfanpaul]



posted on Mar, 3 2009 @ 02:18 AM
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Yes, I suppose we should never put all of our eggs in the same basket.
I feel for him though. Especially no good is the way some of the elderly have been just robbed by this! Folks in their 80's lost life savings, and now have to work for minimun wage to try to make it!

How can these crooks live with thierselves?




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