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Another Fraudster Charged

SEC alleges Robert Allen Stanford in $8 billion scheme.

Bernard Madoff was not alone. The SEC is alleging in a new civil filing today that financier Robert Allen Stanford, the chief of Stanford Financial Group, and two associates oversaw an $8 billion scheme based on the promise of double-digit returns. "Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors," an SEC director explained. The money was routed through high-yield CDs in Antigua. The Houston-based company's bank claims 30,000 clients in 131 countries.

Read it at The New York Times

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