Billionaire Stanford on the Run

February 19, 2009 at 5:39 pm (Celebrities, news) ()

LOL.

In a surreal turn of events, Sir Allen Stanford, the billionaire from Houston who resides in the Caribbean, sponsor of..I’ve lost count, of how many multi-million dollar Cricket tournaments here in the Caribbean as well……pulled a Bernie Madoff and is now missing in action.

“On February 17, 2009, Stanford was charged by the SEC with fraud and multiple violations of U.S. securities laws for alleged “massive ongoing fraud” involving $8 billion in certificates of deposits.Despite the raid of three of Stanford’s offices in Houston, Memphis, and Tupelo, Mississippi, authorities have not located Stanford.”

Turns out Stanford enticed investors to put money towards a totally fictitious, “high-return Certificate of Deposit that is safer than the stock market”.

I can’t figure out why he would do something as crazy as that for a guy that is a billionaire, and taking advantage of people’s fear of the stock market too. Its like Peter North being charged for rape…”dude, your job is to have sex, why??”

I believe it stems from a disrespect of the Caribbean. Philanthropy my ass. Stanford was the first American to be knighted by Antigua and Barbuda, his adopted home. He has stated before that he would like to stop the brain drain from the Caribbean to first-world countries, bolster tourism and protect the region’s culture among other things. Bullshit.

Antigua and Barbuda has no SEC, or any kind of serious regulation framework to govern the activities of Stanford. Even if they did, the “he’s a good white man” syndrome would prevent them from doing anything. Stanford knows this and took advantage of it. He really doesn’t give a fuck about Cricket. It was a whole PR-scheme, which apparently he is very good at.

Stanford becomes another rich man to fall from grace in recent times. Madoff (fraud), Trump (bankruptcy), Duprey (bankruptcy), Merckle (suicide).

Ofcourse the timing of Stanford’s antics is poor, at best. His assets are now frozen, and with owning and controlling banks in the Caribbean and Latin America, he has now brought a mini-recession effect to these regions…

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