STANFORD CASE SHOWS BRASS NECK FRAUDS CAN WORK, EVEN IF THEY LACK SOPHISTICATION
March 1st, 2012
BY LEAH GERMAIN
WITH what was once an estimated net worth of over USD2 billion, R. Allen Stanford was once revered as one of the wealthiest men in America. Yet a Texas court has now heard in detail that his wealth, which he displayed in both opulent and lavish ways, was derived from ill-gotten gains. A Houston-based jury was told how Stanford's financial empire was little more than a very complex illegal Ponzi scheme.
On March 6, the former billionaire was found guilty of 13 counts of fraud, conspiracy, money laundering and obstruction of justice, a conviction ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.