Breaking News: Stanford Financial charged with 'massive' fraud

WestsidePete · 02-17-09, 05:03 PM

8 billion dollar scam....They'll have to change the name now to "The Fraud Financial Open"

JoshW · 02-17-09, 05:45 PM

First Madoff now this. I just got done reading a biography of Ponzi. Very approrpriate book for these times.

JoshW · 02-17-09, 05:51 PM

Stanford International Bank Ltd. said deposits surged from $624 million in 1999 to $8.4 billion in December. The bank is based in the twin-island Caribbean nation of Antigua and Barbuda, which has carved out a niche as a tax haven and offshore base for Internet gambling.

May have more of offshore gambling connection than I would have thought.

JoshW · 02-19-09, 11:18 AM

This is a hell of a story. Total ponzi scheme based largely on CD deposits. Started in Venezuela over 20 years ago and expanded from their. They had banks in dozens of countries, mainly in Caribbean, Central and South america.

Willie Bee · 02-19-09, 11:25 AM

I'm telling y'all, throw the next 100 CEOs and politicians who pull some corrupt stunt like this into general population at prisons, and the likelihood of others trying it will greatly diminish.

AgainstAllOdds · 02-19-09, 11:36 AM

These charges are bullshit.

He did the same thing by himself with COD's that the large financial intuitions in America did with stocks.

Yet he gets sent to prison while banks get a bail out.

They're all fukin crooks.

Unreal.