Allen Stanford

[Thailandnotes]

"Badly beaten in a jailhouse brawl, Stanford was temporarily declared unfit for trial after he became addicted to painkillers while also on antidepressants.

"He tried to have his case completely dismissed after claiming that the beating and drugs destroyed his memory, but a judge refused to believe him.

"Defense attorneys at the trial tried to shift the blame to former chief financial officer James Davis, who he said perpetrated the entire fraud while Stanford naively placed his trust in his former college roommate.

"They also insisted the bulk of investor money was lost due to mismanagement by court-appointed receivers after the US government seized the bank."

http://www.aljazeera.com/news/americ...019847958.html

[doom&gloom]

Re: Allen Stanford

I wonder if Bernanke will be able to claim the same thing one day...

[Verrocchio]

Re: Allen Stanford

What he did...

Supposedly stole over $7 billion of investors' money (illegal borrowing? see below), so you'd think he would be tried for theft. convicted of theft. Nope, but he was found guilty of obstruction, conspiracy, wire fraud, mail fraud, etc. He must have hidden his tracks very, very well.

How far he fell...

In 2008, before his downfall, Mr. Stanford was the 205th richest American with a net worth of $2.2 billion, according to Forbes magazine. His holdings in Antigua, where he held a dual citizenship, included banks, airlines and the country's biggest newspaper. A cricket enthusiast, he rose to international prominence as a benefactor of the sport.

But Mr. Stanford's lavish lifestyle, spent aboard yachts and jets and in residences around the world, was built on funds he borrowed illegally from his investors, prosecutors said.
...from the Wall Street Journal


He faces up to 230 years in jail.