Tweet
TX has always got to be bigger and better, particularly if it involves NY. But in this case at $8.5BILLION, TX has some catching up to do:
http://www.huffingtonpost.com/2009/0..._n_167198.html
As one hard bitten New York Investor said: "I knew Bernie Madeoff and Stanford ain't no Bernie Madeoff!" Sorry, TX, hook your horns elsewhere.
In the wake of the SEC's misstep in failing to investigate Bernie Madoff despite repeated warnings from a whistle blower, federal regulators are taking seriously allegations of fraud by 58-year-old Texas billionaire R. Allen Stanford.
The Securities and Exchange Commission, the Financial Industry Regulatory Authority and the Federal Bureau of Investigations are pouncing on the eccentric money man, pulling records and interviewing employees regarding alleged fraud involving his Stanford International Bank. The Antigua-based bank claims to have $8.5 billion in assets and some 30,000 investors....
"SIB, it turns out, is a very peculiar fish indeed: it offers extremely high interest rates on its deposits -- on the order of 7.5% for a one-year CD. It then takes that money and, rather than lending it out at a higher rate still, invests it in stocks and hedge funds and commodities and the like."...[hooaa, no one noticed this before????]
Stanford owns more than 10 percent stakes in three firms trading below $2 per share on the Bulletin Board or Pink Sheets: eLandia International Inc, a Coral Gables, Florida technology company; Forefront Holdings Inc, a Brentwood, Tennessee provider of golf supplies; and Health Systems Solutions Inc, a New York technology and services company.
The Securities and Exchange Commission, the Financial Industry Regulatory Authority and the Federal Bureau of Investigations are pouncing on the eccentric money man, pulling records and interviewing employees regarding alleged fraud involving his Stanford International Bank. The Antigua-based bank claims to have $8.5 billion in assets and some 30,000 investors....
"SIB, it turns out, is a very peculiar fish indeed: it offers extremely high interest rates on its deposits -- on the order of 7.5% for a one-year CD. It then takes that money and, rather than lending it out at a higher rate still, invests it in stocks and hedge funds and commodities and the like."...[hooaa, no one noticed this before????]
Stanford owns more than 10 percent stakes in three firms trading below $2 per share on the Bulletin Board or Pink Sheets: eLandia International Inc, a Coral Gables, Florida technology company; Forefront Holdings Inc, a Brentwood, Tennessee provider of golf supplies; and Health Systems Solutions Inc, a New York technology and services company.
As one hard bitten New York Investor said: "I knew Bernie Madeoff and Stanford ain't no Bernie Madeoff!" Sorry, TX, hook your horns elsewhere.
Comment