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Tagg Romney
Allen Stanford, James M. Davis and Laura Pendergest-Holt through SIBL (the bank) Stanford International Bank) hid the fraud by continuing to buy CD’s (Certificate of Deposit) and fabricated the performance of their investments. (More court documents: HERE) More information on the legal procedures: HERE A court date was set for January 23, 2012 but according to various reports Allen Stanford is incompetent to stand trial.
Mitt Romney and Son Tagg in 2008 invested in Allen Stanford’s ponzi scheme to the tune of 10 million dollars initially in Solamere Capital a seed investment and received 1 million in returns. Tagg Romney joined in to help Solamere Capital located in Charlotte, North Carolina with three other prominent brokers.
Tagg Romney is quoted as saying he was proud of his investment with Solamere now run by former executives of Stanford, ” They’re friends of ours, they used the Solamere name, we own a piece of them”. “We helped them get started”
As you can see from the website of Solamere, Tagg Romney’s picture appears with the title of Managing Partner.
The whole situation is being ignored from the media’s eye and denied by Romney’s campaign handlers although they have “not denied the facts“.
Solamere Advisers, the company that is run by brokers, actually removed Tagg and Spencer Zwick’s names from their website.
Read more: www.politicolnews.com...
So the investment was right at the start up, before anyone could know whether it was a Ponzi or not, and they made 10% on their investment. I don't see anything horrendous here. But, as I say, I might be missing something.
Mitt Romney and Son Tagg in 2008 invested in Allen Stanford’s ponzi scheme to the tune of 10 million dollars initially in Solamere Capital a seed investment and received 1 million in returns.
Originally posted by charles1952
I must be missing something,too. From your post:
So the investment was right at the start up, before anyone could know whether it was a Ponzi or not, and they made 10% on their investment. I don't see anything horrendous here. But, as I say, I might be missing something.
Mitt Romney and Son Tagg in 2008 invested in Allen Stanford’s ponzi scheme to the tune of 10 million dollars initially in Solamere Capital a seed investment and received 1 million in returns.
Here's the thing.... is it not possible that Tagg and Mitt are already financially secure, and actually don't care about the returns. Even if they were to have broken even, not bad if you can funnel and steal funds from people in order to make your friends wealthy. It's strengthening his team essentially, while the Romney's are already 'rich'.... why not make those that support you even richer.