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It looks like we are in the Age of Amateur Investigation as our well paid Policing Agencies sit on their fat, doughnut filled asses. According to this story, it was an amateur investor crunching the data a la Markopolos who blew up Sir Stanford:
http://www.huffingtonpost.com/2009/0..._n_168110.html
So, as an amateur investor I intend to start crunching some numbers and see if I can't bag a Billionaire or too. Be the first in your neighborhood!
The amateur investor, a 48-year-old Venezuelan financial analyst who lives in southern Florida, went online and within hours discovered major discrepancies in the business model of fugitive financier Allen Stanford's $50 billion Stanford International Bank. Stanford was charged with "massive fraud" by the SEC on Monday and since then stories about his tax problems, suspected money laundering for drug cartels and lobbying activities have snowballed.
"There were a number of things that struck me, from the lack of detail to the simplicity of the business model to the lack of sophistication in the language they used," Dalmady tells Huffington Post.
Dalmady says that he told his friend to take his money out "as soon as possible," convinced that it was almost impossible for the bank to produce the returns it was claiming....
His article, "Duck Tales," was published in a Venezuelan economic publication, Veneconomia, where he noted one of his suspicions - the bank's one board member was an "85-year-old cattle rancher and used car dealership owner". The article was soon was picked up by a financial Website and ricocheted around the world until Business Week covered his suspicions last week. [my bold]
Dalmady is already being compared to Harry Markopolos, the whistleblower who repeatedly warned the SEC in vain about Bernard Madoff's massive Ponzi scheme.
Dalmady says that he was definitely inspired by the revelations about the Madoff scheme.
"We were all blind and the Madoff thing blew the cover off... I just wanted to save some people some money but I didn't and I'm sorry."
"There were a number of things that struck me, from the lack of detail to the simplicity of the business model to the lack of sophistication in the language they used," Dalmady tells Huffington Post.
Dalmady says that he told his friend to take his money out "as soon as possible," convinced that it was almost impossible for the bank to produce the returns it was claiming....
His article, "Duck Tales," was published in a Venezuelan economic publication, Veneconomia, where he noted one of his suspicions - the bank's one board member was an "85-year-old cattle rancher and used car dealership owner". The article was soon was picked up by a financial Website and ricocheted around the world until Business Week covered his suspicions last week. [my bold]
Dalmady is already being compared to Harry Markopolos, the whistleblower who repeatedly warned the SEC in vain about Bernard Madoff's massive Ponzi scheme.
Dalmady says that he was definitely inspired by the revelations about the Madoff scheme.
"We were all blind and the Madoff thing blew the cover off... I just wanted to save some people some money but I didn't and I'm sorry."
So, as an amateur investor I intend to start crunching some numbers and see if I can't bag a Billionaire or too. Be the first in your neighborhood!