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Jailed alleged Ponzi schemer Allen Stanford had been deemed incompetent to stand trial due to possible brain damage due to being severely beaten by another inmate and then subsequent addiction to anti-anxiety meds. The judge specifically said this does not mean he can be released on bail. Unlike all other Ponzi schemers, Stanford was refused [...] The report by the SEC’s inspector general says SEC examiners concluded four times between 1997 and 2004 that Mr. Stanford’s businesses were fraudulent, but each time decided not to go further. It singles out the former head of the SEC’s enforcement office in Fort Worth, Texas, accusing him of repeatedly quashing Stanford probes and then [...] (Meant to post this earlier. It’s a little old) Madoff sons assets frozen. What took so long? 7 charged in Galleon insider trading case agree to assist investigators. Rajaratnam must be getting a teensy bit nervous by now Settlements reached in Dreier liquidation case. “”an under-appreciated evil of substantial frauds like those of Marc [...] What did he get from politicians he and his staff gave millions to? Unlike Bernie Madoff and Marc Dreier who stayed freed on bail while awaiting trial, financier Allen Stanford has confined to the general prison population, denied access to the internet, and has limited phone access. He has lost 40 pounds, was assaulted so severely that he lost feeling on the right side of his face and [...] Allen Stanford when first arrested Allen Stanford after several months in prison (Reuters photo) Look, I have little sympathy for Allen Stanford and think he’s no doubt guilty of a multi-billion dollar Ponzi scheme. But while Bernie Madoff stayed in a penthouse awaiting trial, Stanford has been put into the general prison population, [...] Stanford is awaiting trial and has not been convicted. Yet he was in a holding cell with eight others with no air conditioning in 100 degree heat for months, then got mauled in a fight, is in solitary now, and a few days ago was staring blankly and spitting blood into a cup while [...] Tom Raffanello was head of the DEA Miami office and led investigations against Noriega and the Medellin cartel. Then he went to work for Allen Stanford. Now he’s being indicted for ordering evidence to be shredded. The comments at Clusterstock are illuminating. Henry Blodget said: There does seem to be quite a connection here. Combine [...] Blood oaths and bribery. Allen Stanford’s top aide in plea deal James Davis has admitted to helping run Allen Stanford’s Ponzi scheme. Among the revelations, “fictitious investment reports”, bribery, and a “blood oath ceremony” among the participants. Not only did the SEC and other regulatory agencies ignore warnings as early as 2003 that Allen Stanford was running a Ponzi scheme, their primary reason why they couldn’t investigate him was bogus. They said the money was offshore and thus hard to trace. But apparently virtually no money went to Antigua. Instead it [...] |  | ||||
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