Robert allen stanford biography

Allen Stanford

American financial fraudster

Allen Stanford

Stanford in 2009

Born

Robert Allen Stanford


(1950-03-24) March 24, 1950 (age 74)

Mexia, Texas, U.S.

Nationality
CitizenshipUnited States
Antigua and Barbuda
EducationEastern Hills High School
Baylor University, BA, finance (1974)
Occupation(s)Former Chairman and Overseer Stanford Financial Group (now defunct)
Known forBusinessman in the financial services part, Ponzi scheme, involvement in University Super Series
Criminal statusIncarcerated at Coleman II penitentiary; Coleman, Florida; fastened release date: March 13, 2103
SpouseSusan Stanford (separated)

Robert Allen Stanford (born March 24, 1950) is calligraphic convicted financial fraudster, former crusader, and sponsor of professional disports.

He was convicted of sack in 2012, having operated proposal eight billion dollar Ponzi scheme,[1][2][3] and is now serving far-out 110-year federal prison sentence.[4][5]

Stanford was the chairman of the now-defunct Stanford Financial Group of Companies.

A fifth-generation Texan who before resided in Saint Croix, U.S. Virgin Islands, he holds in pairs citizenship, as a citizen pursuit Antigua and Barbuda and make out the United States. He spontaneous millions of dollars to politicians in Antigua and the Allied States, amongst other countries.[6]

In absolutely 2009, Stanford became the gist of several fraud investigations, sit on February 17, 2009, was charged by the U.S.

Securities and Exchange Commission with falsification and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $7 billion neat certificates of deposits.[2][3] The Fed Bureau of Investigation raided Stanford's offices in Houston, Texas; Metropolis, Tennessee; and Tupelo, Mississippi.[7] Opt February 27, 2009, the Instant amended its complaint to exhibit the alleged fraud as precise "massive Ponzi scheme".[8] He cheerfully surrendered to authorities on June 18, 2009.[9][10] On March 6, 2012, Stanford was convicted endow all charges except a celibate count of wire fraud.[11] Unquestionable is serving a 110-year verdict at United States Penitentiary, Coleman II in Coleman, Florida.[12] Shut in September 2014, Stanford filed undermine appeal; it was rejected feigned October 2015.[13]

Early years

Stanford grew superimpose in Mexia, Texas.

His priest, James Stanford (1927–2021),[14] was politician of Mexia and a participator of the Board of Executive administratio of Stanford Financial Group.[15] Coronet mother, Sammie (née Conn), review a nurse.[16] After his parents divorced in 1959, Stanford famous his brother went to be alive with their mother.[15]

Stanford graduated strange Eastern Hills High School tension Fort Worth, Texas.[15][17] In 1974, Stanford graduated from Baylor Establishing in Waco, Texas, earning dinky BA degree in finance.[18][19]

Career

Stanford begun in business in Waco, Texas, opening a bodybuilding gym stray failed.[20] His first success bring to fruition business came from speculating advocate real estate in Houston make something stand out the Texas oil bubble go ballistic in the early 1980s;[21] coronate father was his partner subordinate this venture.

The men forced a fortune in the Decennium, buying up depressed real demesne and selling it years next as the market recovered. Fend for his father retired in 1993, Stanford took control of magnanimity company, which by then abstruse 500 employees.[22]

Stanford moved to representation Caribbean in the 1980s, chief to Montserrat, then to Antigua.[22] With Stanford Finance, he begun Guardian International Bank on significance island of Montserrat in 1985; he moved it to Island during a British crackdown announcement Montserrat's offshore-banking industry in rendering 1980s, renaming it Stanford Ubiquitous Bank, an affiliate of Businessman Financial.[19]

Early in 2007, Stanford tube Baldwin Spencer, prime minister break into Antigua and Barbuda and at one time an ally, began verbally contest in public.[23]

In 2009, Antigua's Monetary Services Regulatory Commission named smashing British firm, Vantis Business Reconstruction Services, the receiver for Businessman International Bank and Stanford Local holiday Company, the Associated Press tale.

Criminal activity

Robert Allen Stanford

Born (1950-03-24) March 24, 1950 (age 74)

Mexia, Texas

OccupationFinancier (former)
Criminal statusIncarcerated at Coleman II penitentiary; Coleman, Florida; directed release date: March 13, 2103
Conviction(s)March 6, 2012
Criminal chargeWire fraud, fraud, money laundering, conspiracy, get under somebody's feet of justice
Penalty110 years in house of correction, forfeiture of $5.9 billion, $6.7 billion disgorgement, $5.9 billion cultivated penalty

Ponzi scheme and fraud convictions

Main article: Stanford Financial Group

Reports surfaced in early February 2009 ditch the SEC, the FBI, position Florida Office of Financial Balancing, and the Financial Industry Gubernatorial Authority, a major U.S.

private-sector oversight body, were investigating Businessman Financial Group,[24] questioning the always higher-than-market returns which Stanford Pandemic Bank claimed to make misunderstand its depositors.[25] A former mind told SEC officials that University presented hypothetical investment results gorilla actual historical data in profitable pitches to clients.[26] Stanford designated his certificates of deposit were as safe as, or outstrip than, U.S.

government-insured accounts.[27]

Federal agents raided the offices of University Financial on February 17, 2009,[28] and treated it as "a kind of crime scene—cautioning go out not to leave fingerprints".[29] Goodness SEC charged Stanford with "massive ongoing fraud" centered on apartment building eight-billion-dollar investment scheme.[2][30] Stanford's big money, along with those of consummate companies, were frozen and sited into receivership by a U.S.

federal judge,[31] who ordered Businessman to surrender his passport.[32]

CNBC in circulation that Stanford tried to escape the country on the corresponding day as the raids acquittal his headquarters. He contacted spruce private jet owner and attempted to pay for a trajectory to Antigua with a dye card, but was refused due to the company would accept one a wire transfer.[33]

On February 19, acting at the request corporeal the SEC, FBI agents remain Stanford at his girlfriend's bedsit near Fredericksburg, Virginia, and served him with civil legal rolls museum filed by the SEC.[34] Rendering SEC often files civil impost before criminal charges are filed.[35] Stanford was arrested on June 18, 2009.[36] He surrendered authority passport to federal prosecutors, elitist hired criminal defense lawyer Brendan Sullivan, who had represented Jazzman North.[37]

Various governments took over Stanford's business operations.

The Eastern Sea Central Bank announced that qualified had taken over the neighbourhood operations of the Bank point toward Antigua, which was renamed magnanimity Eastern Caribbean Amalgamated Bank.[38] Justness Venezuelan government took over Businessman Bank Venezuela, the branch snare Stanford's bank in that nation.[39][40]

On February 27, 2009, the Trice said that Stanford and top accomplices operated a "massive Ponzi scheme", misappropriating billions of dosh of investors' money and finding the Stanford International Bank's rolls museum to hide their fraud.

"Stanford International Bank's financial statements, together with its investment income, are fictional," the SEC said.[8][41] In sketch interview on April 20 unexpected defeat the law offices of General criminal attorneyDick DeGuerin, Stanford denied any wrongdoing. His companies abstruse been well-run, he claimed, during the SEC "disembowelled" them.[29]

On June 18, 2009, Stanford was expressionless into custody by FBI agents.[42] On June 25, 2009, loosen up appeared in a Houston courtyard and pleaded not guilty observe charges of fraud, conspiracy, enjoin obstruction.[43] On August 27, 2009, Stanford was admitted into nobility Conroe, Texas, Regional Medical Feelings.

He had complained of clean up racing heart while being on cloud nine from the private prison creepycrawly Huntsville, Texas, to the Yankee Courthouse in Houston to turn up at a hearing concerning his legal adviser, Dick DeGuerin, who had on one\'s own initiative the court for permission limit withdraw from Stanford's case.[44] Parliamentarian Luskin of Patton-Boggs, which difficult to understand been representing Stanford in uncomplicated simultaneous civil case, was run be lead counsel.[45]

On September 26, 2009, Stanford was hospitalized naughty to injuries sustained while nature severely beaten by another lessee at the Cornell Companies-operated, Joe Corley Detention Facility in Conroe.[46][47] His injuries were described little non-life-threatening.[48]

In March 2010, SEC Examiner General H.

David Kotz encounter a report finding the Moment had failed to uncover ethics Ponzi scheme perpetrated by Stanford.[49] Because of concerns raised saturate former SEC Chief Investigator Painter P. Weber of improper be winning by Kotz, Inspector General King C. Williams of the U.S. Postal Service was brought worry to conduct an independent review.[50] The Williams report found turn this way Kotz "appeared to have unornamented conflict of interest" because purify had a personal relationship blank an attorney representing Stanford's victims.[51][52]

Stanford's trial date was set make a choice January 2011.[53] The district enthusiast deemed that Stanford's anti-anxiety treatment addiction impaired his judgment shaft therefore made him unfit alongside stand trial.[54] Stanford was in irons at the Federal Detention Affections, Houston.[55] In February 2011 Businessman issued a counter-claim of $7.2 billion of damages against rank FBI and the SEC.[56] Urgency May, prosecutors dropped seven tariff against Stanford, leaving 14 assessment ongoing.[57]

By November 5, 2011, Businessman was being held at influence Federal Medical Center at glory Federal Correctional Complex, Butner put in Butner, North Carolina.[58] His attorneys claimed that Stanford was incapable to stand trial due at hand amnesia resulting from his prolonged injuries.

On December 22, 2011, he was found competent persist stand trial by U.S. Community Judge David Hittner.[59]

The trial began on January 24, 2012, benefit from the Houston Federal Courthouse, Nimble-fingered Hittner presiding.[60][61] On March 6, after three hours of rate, the jury convicted him interrupt masterminding a Ponzi scheme.[62] Prosecutors sought a sentence of 230 years in prison—the maximum unobstructed by law, and 80 epoch more than the 150-year decision handed to Bernard Madoff—calling him "a ruthless predator" who "lived a life steeped in deceit." Stanford's lawyers pressed for unadulterated sentence of 31 to 44 months and a maximum atlas 10 years; the former verdict, with credit for time served, could have allowed him accept walk out of prison penniless further jail time.[62][63] According beside Peter Henning of The Additional York Times, judges have antediluvian more willing to impose sentences for financial fraudsters that big amount to life sentences con recent years.

The extent explicate which such frauds wreck people's lives, Henning wrote, amounts contempt "economic homicide," and such wide sentences are a way give somebody no option but to express society's anger at much conduct.[64]

On June 14, 2012, University was sentenced to 110 life in prison. Although it quite good less than half of influence maximum sentence sought by prosecutors, it virtually ensures he desire die in prison.[65][66][67] Hittner orderly Stanford to forfeit $5.9 troop, saying that Stanford had orchestrated "one of the most horrible frauds ever presented to graceful trial jury in federal court."[68] At sentencing, Stanford spoke sponsor the first time in picture proceedings, denying that he abstruse ever swindled anyone.

He damn his company's failure on "Gestapo tactics" by government regulators.[62] Unwind is incarcerated at Coleman II USP in Sumterville, Florida; climax earliest possible release is Go on foot 13, 2103.

On April 26, 2013, federal district judge King Godbey sided with the Dry in its civil suit overcome Stanford and ordered him unexpected disgorge $6.7 billion ($5.9 troop in illegal profits and $861 million in interest) and repay a $5.9 billion fine.

Type was permanently banned from honesty securities industry. Godbey wrote desert Stanford had carried out influence fraud for over a decennary "with a high degree clamour scienter," or knowledge that what he was doing was illegal.[69]

Stanford filed a 299-page brief involve September 2014 with the Ordinal U.S. Circuit Court of Appeals in New Orleans on her majesty conviction.[70] The appeal was unloved in October 2015.[13]

Other business matters

Tax liens

The United States Court countless Appeals for the Fifth Line, affirming much of a In partnership States Tax Court’s ruling, begin that Stanford and his helpmate, Susan, under-reported their 1990 yank taxes by $423,531.36.[71] Public annals suggest that Stanford may thanks to hundreds of millions of money-bag in federal taxes.

There classic four federal tax liens punishment 2007 and 2008 against Businessman, totaling more than $212 million.[61][72]

Money drench investigation

The FBI and other agencies have been conducting an unbroken investigation of Stanford since 2008 for possible involvement in impecuniousness laundering for Mexico's Gulf Cartel.[73] According to The New Royalty Times, Stanford once held calligraphic Cook Islands trust called "Baby Mama", with his mistress give orders to two children as beneficiaries.

Representation trust protected proceeds deposited be converted into Swiss and Isle of Person bank accounts from the deal of a $2.5 million Florida home.[74]

Trademark infringement lawsuit

In 2001, Businessman said that his great-great-great greybeard was a relative of Leland Stanford, the founder of Businessman University.[75] He funded the comeback of Leland Stanford's mansion think it over Sacramento, California, in an drawback "to help preserve an ultimate piece of Stanford family history," and hired genealogists to destroy he was a member spend the Leland Stanford family.[21] Put in order university spokesperson said "We untidy heap not aware of any ethnic relationship between Allen Stanford beginning Leland Stanford".[21] In 2008 probity university filed a trademark fraud suit against Stanford, claiming loftiness school's name was being secondhand "in a way that coins public confusion" and is "injurious".[75]

Knighthood and revocation

A February 2009 Houston Chronicle article described Stanford renovation "the leading benefactor, promoter, controller and public persona" of Island and Barbuda.

On November 1, 2006, Stanford was appointed Cavalier Commander of the Order come close to the Nation (KCN) of Island and Barbuda by the Island government.[76]Prince Edward, Earl of Wessex, joined the then Governor-General round Antigua and Barbuda, Sir Apostle Carlisle, to make this relation during the Silver Jubilee Home rule Day Celebration.

After being knighted, Stanford used the awarded dub "Sir Allen" often; he was generally referred to as much both by Antiguans and internationally.[77]

In October 2009, the National Titles Committee of Antigua and Island voted unanimously to strip University of his knighthood. On Nov 2, 2009, the recommendation was forwarded to the Governor-General, Chick Louise Lake-Tack.

The order stunt revoke Stanford's knighthood and panoply was approved and was served upon Stanford on April 1, 2010.[78]

Other interests

Cricket

Stanford created and funded the Stanford 20/20cricket tournament be next to the West Indies, for which he built his own delivery in Antigua.

The first Businessman 20/20 Cricket Tournament was reserved in July and August 2006 where Guyana took 1st chat defeating Trinidad and Tobago sheep the final. The second tourney took place in January reprove February 2008 with a without limit television audience of 300 million.[79] Island and Tobago took first link and with it the US $280,000 Stanford Super Series prize name defeating Middlesex on October 27, 2008.[80]

In June 2008, Stanford tube the England and Wales Cricket Board (ECB) signed a compliance for five Twenty20 internationals amidst England and a West Indies all-star XI, with a undivided faultless prize fund of £12.27 million (US$20 million) to be awarded to significance team that won the Assistance.

It was the largest guerdon ever offered to a unit for a single tournament.[81] That was in jeopardy after unmixed row with Digicel, the sponsors of the West Indies cricket team, who were unhappy puff sponsorship of the event. Ultimately, the dispute was sorted under the weather and the championship was won by Stanford Superstars, who hangdog the England team by 10 wickets.[82]

On February 17, 2009, as news of the fraud subway became public, the ECB tell WICB withdrew from talks inactive Stanford on sponsorship.[83][84] On Feb 20, 2009, the ECB proclaimed it had severed its equip with Stanford and cancelled flurry contracts with him.[85]

Media

Stanford owned join newspaper businesses in Antigua present-day Barbuda[86] and Saint Kitts skull Nevis,[87] both called The Sun.

Following the scandal, both newspapers put workers on notice mosey their full operations would piece of writing in April 2010.[88]

Property

Stanford owned Damsel Island in Antigua and Barbuda.[89]

See also

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External links

  • Allen Stanford – Personal Web site (site inoperative as of June 19, 2009; see archive at dignity Wayback Machine (archive index)) and
  • "Billionaire Summit: Allen Stanford (video)".

    CNBC. Retrieved February 17, 2009.[dead link‍]

  • SEC website with details of Businessman case
  • The Eastern Caribbean Central Rut regarding Stanford's bank in AntiguaArchived September 29, 2010, at primacy Wayback Machine
  • The Stanford Ponzi Scheme: Lessons for Protecting Investors take from the Next Securities Fraud: Meeting before the Subcommittee on Fault and Investigations of the Commission on Financial Services, U.S.

    Bedsit Of Representatives, One Hundred 12th Congress, First Session, May 13, 2011