Charges Against Stanford a Long Time Coming, Offshore Banking Experts Say

[babylonsister]

Charges Against Stanford a Long Time Coming, Offshore Banking Experts Say
Accused Financier Under Federal Drug Investigation
By JUSTIN ROOD and BRIAN ROSS
February 19, 2009


Offshore banking experts say that the fraud charges this week against accused financial scammer R. Allen Stanford have been a long time coming.

"There's no surprise at all," said Washington lawyer and IRS consultant Jack Blum. "This man has been on law enforcement's radar screen for the better part of 10 years."

But the SEC didn't move forward until this week, after two former Stanford Financial whistleblowers filed an alleged lawsuit, which revealed how the bank lied about too-good-to-be-true certificates of deposit.

"The problem was the published returns that many advisors use to present to clients and prospects," said former Stanford Group employee Mark Tidwell, "that now we knew that information was incorrect."

"They would lie about it and that behavior just became more and more prevalent," said Charles Well, the other former Stanford Group employee.

more...

http://www.abcnews.go.com/Blotter/story?id=6907429&page=1

[Earth_First]

1. "This man has been on law enforcement's radar screen for the better part of 10 years."

Why am I not surprised...

[malaise]

3. I heard lots of rumors since 2006

from impeccable sources.

[malaise]

5. Allen Stanford Forfeited $3 Million In Drug Money In 1999

http://www.businessinsider.com/allen-stanford-forced-to-forfeit-3-million-in-drug-money-in-1999-2009-2
<snip>
There's been a lot of chatter about what, if any, role drugs played in building Allan Stanford's wealth. We know that he managed money for wealthy clients in Latin America, so was he managing money for drug dealer? Ha, do you even have to ask? In 1999 his bank forfeited $3 million worth of drug money to US and Antiguan authorities:

LA Times: In the Antiguan case, however, Tinsley and U.S. officials in Miami credit Texas-born banker R. Allen Stanford, who heads the Houston-based Stanford Financial Group, for taking a lead role in what the Antiguan government insists is a continuing effort to clean up the reputation of the island nation’s offshore banking industry.

His decision to hand over the Carrillo money, they say, was made all the more difficult by the delicate balance these islands and their bankers must maintain in an industry that most Caribbean nations see as a key to the diversification–and survival–of their economies, which rely on tourism.

[BR_Parkway]

2. Folks at SEC knew about him and Madoff for at least 8 years or more

but did nothing. Who knew and how did they benefit from not enforcing the law?

[malaise]

4. On the contrary

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5089765&mesg_id=5089765

[katanalori]

6. FBI JUST PICKED UP STANFORD n/t

[malaise]

7. Yep great news n/t

[joeunderdog]

8. Your question is spot on.

It's why in all these scams, we will be uncovering a web of perps, both institutional and individual. These guys are just the appetizers unless they just decide it's too big to out all of those involved.

It's gonna get REAL ugly.