Allen Stanford jailed for 110 years for $7bn ponzi

Allen Stanford jailed for 110 years for $7bn ponzi

www.bbc.co.uk

Disgraced tycoon Allen Stanford has been sentenced to 110 years in jail for operating a ponzi scheme that defrauded investors of more than $7bn (£4.5bn).

The scheme was described as one of the largest in US history.

In court, Stanford denied any guilt, telling the judge at his sentencing hearing: "I did not defraud anybody."

A Texan banker, Stanford rose to prominence outside the US when he bankrolled international cricket competitions in the UK and Caribbean.

(visit the link for the full news article)

Wow!!!

I wonder if all the bankers will get the same sort of sentence? Some definitely deserve it.

If someone this rich (605th in world ranking) can get put away for this long (was threatened with 230yr sentence) then surely there must be some justice to be carried out elsewhere in the banking/business world.

He claims he is innocent.. if so, who was behind it all.. I guess as we do not yet know the full details as to how or why he was found guilty, we will have to wait and find out.

But, just wow, what a sentence .. Murderers get less..

I wonder if his assets have been seized in order to help cover legal costs.. That's another system that needs looking into... legal costs..

I wonder if he will pass anyones names along as to those who were complicit.. maybe..

Time will tell... he's got plenty of it..

www.bbc.co.uk
(visit the link for the full news article)

reply to post by Extralien


Wait for him to instantly turn into a millionare instead, and out of jail before you know it.......

It is coming.....Money buys everything, including your way out of prison....Unfortunately

reply to post by Chrisfishenstein


I reckon the prison will suddenly get a new wing.. paid for by hime, and built just for him..

Does make you wonder if any 'special treatment' is given to someone like him.. or wether he is just thrown to the wolves and let them sort him out one way or another.. We all knows just how cruel certain places can be..

Can leave you fealing rather sore down below and behind.. if you get my drift..

poor little rich boy.. all alone in a harsh cruel world of criminals..

Still, if he really is guilty, then I bet there are a lot of people out there trying to cover their steps. If notI hope they get nailed next.

It kinda makes you ask a lot of questions about the rich and the banking system. Due to this news, I was drawn to the situation in Italy...
Italian Banks Freeze Customer Accounts for "Up to a Month"
Just what is going on that we do not know?
Is there a certain % of the top 1% trying to bring down as many of the 1% as possible in order to be at the very tip top of the 1% pyramid?
Sure makes sense to be in that position if you got the money, the lawyers and a big boot on your foot.. oh and a cold dark heart too ...

reply to post by Chrisfishenstein


I dont know the details of this case but that sentence says to me that

A. He's the fall guy.
B. They need him out of circulation.

Was the money ever recovered?

This is sickening. 110 years? Murderers get like 20. But once again, money is more important than people

reply to post by VoidHawk


The page has just been updated and to answer your question..

Some 30,000 individual investors were swindled, it was alleged. Prosecutors failed to find as much as 92% of the assets Stanford International Bank claimed to have.

92%

Gone...

Probably propping up another bank somewhere.. which if proved, could get that bank in trouble for accepting proceeds from crime
ooh.. that's a nice twist.. Any crime for profit must use the banking system at some point

reply to post by Extralien


Thanks for the update. I'll read up on this when I get a moment.
It just goes to show how corrupt the system is when that much money can simply vanish into thin air.

Well have they changed their jailing system for the elite? They get to have vacations in fancy hotels on deluxe islands and call that incarceration. Oh at tax payers expense mind you.

Just for the sake of 'fundamentals' let us not forget the money 'stolen' was never there.

This was a spreadsheet scam....

It's so much easier than having to deal with real money...

It is the Banker's Folly. Entries on a table represent something.... not that what it represents actually exists... and upon this they build vehicles to "play" with the virtual wealth.

110 years, huh?

Right.

Does anyone know how many went to jail - and for how long - over the trillions plus that evaporated in the 'derivative" (read as "make-believe virtual fiat currency") crisis? Or is that an obtuse question?

Originally posted by Maxmars
Just for the sake of 'fundamentals' let us not forget the money 'stolen' was never there.

This was a spreadsheet scam....

It's so much easier than having to deal with real money...

It is the Banker's Folly. Entries on a table represent something.... not that what it represents actually exists... and upon this they build vehicles to "play" with the virtual wealth.

110 years, huh?

Right.

Does anyone know how many went to jail - and for how long - over the trillions plus that evaporated in the 'derivative" (read as "make-believe virtual fiat currency") crisis? Or is that an obtuse question?

Which makes you wonder why the MSM feels the need to express the amount missing.. possibly to gee up peoples attention to a form of 'crime' in order to install a "we do know what you're doing and we are watching" type thing..

Isn't the derivatives thing still under investigation by the crack ATS squad?

I have to commend the US for its justice system. 110 years is a hell of a long time, should send a message to the other corrupt bankers.

Good work US

reply to post by Citybig


Agreed..

It does kinda send a message saying that there are some out there willing to step up to the plate.
But like I asked above, is there someone higher trying to get rid of the little fish in the tank in order to be one big fish in the entire ocean?

This explains why all the bankers splitting this year for sure

Originally posted by Extralien
reply to post by Citybig

 

Agreed..

It does kinda send a message saying that there are some out there willing to step up to the plate.
But like I asked above, is there someone higher trying to get rid of the little fish in the tank in order to be one big fish in the entire ocean?

Oh absolutely my friend, a similar situation is playing out here too, only unlike bankers, it's journalists and politicians.

Jeremy Hunt is the secretary of state, and is taking a large portion of the blame in the newspaper hacking affair.

As is Allen Stanford. He is also just a scapegoat, the judges know there are people 50, 100 times more powerful and influential who are far more involved, but toppling one gives the sheep the impression that they are making changes.

So soon they will resign Jeremy Hunt, and the impression will exist that they are changing, and the masses will buy it, just like Allen Stanford being jailed.

What they can't hide is the much bigger fish, people like Ben Bernanke (sp?) in the banking industry, or Rupert Murdoch in the media, who will be free to continue their immoral activities unchecked.

Makes me absolutely mad

has he been in any fights lately.

i remember reading about him getting the # kicked out of him on a regular basis while awaiting trial.

he's probably as hard as wood by now.

he'll take to prison like a fish to water...he was a knight, correct?

reply to post by Extralien


Allen Stanford and Bernie Madoff...should be cell mates...they have a lot in common.

I'm just saying......

They've updated the story again..

This is just one of the updates added, but gives you an idea as to how far this 'scam' is going to run on for..
It'll certainly keep a lot of lawyers employed for a while.. nice earner if you can get the work..

While a jury has cleared the way for access to about $330m in stolen funds sitting in Stanford's frozen bank accounts across Canada, England and Switzerland, legal wrangling could make it years before investors recover any of that money.