US charges Stanford with massive Ponzi scheme

[UpInArms]

Source: Reuters

HOUSTON, Feb 27 (Reuters) - U.S. securities regulators on Friday accused Texas billionaire Allen Stanford, his college roommate and three of their companies of carrying out a "massive Ponzi scheme" over at least a decade and misappropriating at least $1.6 billion of investors' money.

Meanwhile, a Houston judge ruled on Friday that Laura Pendergest-Holt, the only person arrested in the $8 billion Allen Stanford fraud investigation, could walk free after she posted a $300,000 bond.

In an amended complaint filed in a federal court in Dallas, the Securities and Exchange Commission increased its civil charges against Stanford to include a Ponzi scheme where early investors are paid with the money of new clients.

Along with his former Baylor University roommate James Davis, the 58-year-old golf, cricket and polo promoter "misappropriated billions of dollars of investor funds and falsified" financial statements issued by Antigua-based Stanford International Bank, the SEC charged.

<snip>

"There are billions missing in this case," Justice Department attorney Paul Pelletier told Judge Milloy on Friday.

Read more: http://www.reuters.com/article/bondsNews/idUSN2736865320090228sp=true

[Robbien]

1. And he is still free, not charged with a criminal crime

And the DoJ is not sure where he is anymore.

[Kweli4Real]

7. T don"t understand ...

if I stole a pack of lunch meat or some fruit, or even a Twinkie from the corner store, I'd be taken to the police station, photographed, printed and made to post bail before being subjected to pressure from my court-appointed attorney to take the prosecutor's deal or face a swift trial and risk jail time, never mind that I or my family is starving ...

This clown and others steal hundreds of millions, if not billions, and they get whay? A paper arrest like some truant child or a speeding motorist? And, when/if they ever face trial, they use the billions that they stole to pay the best attorney money can buy.

This is the kind of "justice" that incites insurrection.

[Robbien]

8. You can thank Phil Gramm and Bush for this

The repeal of the Glass-Steagall Act and various other bills Gramm pushed through such as the Gramm-Leach-Bliley Act made the rich a different class of people who are above the law.

[Stinger2]

2. FBI Arrests Stanford Investment Officer Pendergest-Holt Another Poszi Scheme

FBI Arrests Stanford Investment Officer Pendergest-Holt Another Poszi Scheme

http://www.laht.com/article.asp?ArticleId=328564&CategoryId=12396

More ankle bracelets for another Poszi Scheme, she was out on a $300,000.00 bail.

ALL IN THE FAMILY XIV: STANFORD’S ACCOUNTANT IS DEAD

http://emsnews2.wordpress.com/2009/02/14/all-in-the-family-xiv-stanfords-accountant-is-dead/

The Wacky World of Stealing Money Will Travel!

[captainjack08]

4. AWESOME

Commit big crimes. Go free! Write a book! Escape to an island of rich pervs. Commit no crimes other than be Arab and brown and in the wrong place at the wrong time when America is collecting it's quota of terrorists and you go to Guantanmo and get your penis sliced in half. Whoohoo America! Home of oversized balls. Here's looking at you, you high-rollin' and well connected if not so well bred dirty birdies!

[IndianaGreen]

3. Rob a Seven-11 and you will rot in jail awaiting trial

Bilk investors of billions and you can stay in your fancy Manhattan apartment like Bernie Madoff.

[geckosfeet]

5. SEC suddenly catching crooks after 8 years MIA

[depakid]

6. They've been MIA for a LOT longer than 8 years

Something else we can thank Clinton and the DLC'ers for.