In Dallas Federal Court, SEC Alleges Allen Stanford's Houston-Based Financial Firm Is Involved in "Massive, Ongoing Fraud"
|Robert Allen Stanford|
Says the SEC's press release concerning the complaint, which also names Stanford International Bank, Stanford Group Company and investment adviser Stanford Capital Management:
[It] alleges that acting through a network of SGC financial advisers, SIB has sold approximately $8 billion of so-called "certificates of deposit" to investors by promising improbable and unsubstantiated high interest rates. These rates were supposedly earned through SIB's unique investment strategy, which purportedly allowed the bank to achieve double-digit returns on its investments for the past 15 years.Update: A Friend of Unfair Park sends us this item just posted to Talking Points Memo concerning Senator John Cornyn's "fact-finding mission" to SFG's home base of Antigua in November 2004. Says here SFG was "the sponsor" of said trip, which cost a little more than $7,000.