Thursday, February 19, 2009

Allen Stanford and his Billions

Allen Stanford, a Texas billionaire,was accused of defrauding 13,000 clients of his company, Stanford Financial, this week. Clients thought that their money was invested in certificates of deposit, but evidence was found that suggests that Stanford's investment strategies boiled down to a Ponzi scheme.

FBI finds Allen Stanford in Virginia

James Vicini and Jason Szep, Reuters, 2/19/09

R. Allen Stanford's Private-Equity Connections

Deal Journal, 2/18/09

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