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Old 02-17-2009, 03:41 PM
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Texas Financial Firm Accused of $8 Billion Fraud

Another one....

HOUSTON ó The Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group, on Tuesday of conducting ďa massive ongoing fraudĒ in the sale of about $8 billion of high-yielding certificates of deposit held in the firmís bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.

In the complaint, filed in Federal District Court in Dallas, the S.E.C. accused Mr. Stanford and two associates ó James M. Davis, a director and chief financial officer of Stanford Group and the Antigua-based bank affiliate, and Laura Pendergest-Holt, the chief investment officer of both organizations ó with misrepresenting the safety and liquidity of the uninsured C.D.ís.

The C.D.ís were sold by Stanford International Bank through the firmís registered broker-dealer and investment adviser, which are in Houston. Both the bank, which claims $8.5 billion in assets and 30,000 clients in 131 countries, and the brokerage unit, which operates about 30 offices in the United States, were named in the S.E.C. suit. Stanford Financial asserts that it advises about $50 billion in assets.

Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered Stanford Groupís two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases. Stanford groupís headquarters are in two offices in Houston, one within a tower of the Houston Galleria shopping mall, and the other across the street.


http://www.nytimes.com/2009/02/18/business/18stanford.html?hp

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