Source: bloomberg.com
There is “little doubt” that R. Allen Stanford, accused of masterminding an $8.5 billion fraud, was engaged in a “Ponzi scheme” based on the condition of his offshore bank, the institution’s receiver said.
“We have identified assets in multiple jurisdictions around the world that are measured in the hundreds of millions of U.S. dollars,” said Nigel Hamilton-Smith, who is liquidating Stanford International Bank Ltd. in Antigua. “The liabilities are over $7 billion U.S. dollars.”
On February 17, the U.S. Securities and Exchange Commission sued Stanford, two associates and three of his companies, claiming that they perpetrated a “massive ongoing fraud”. Since then, a U.S. District Judge, David Godbey in Dallas froze all of Stanford’s personal and corporate assets and appointed Texas lawyer Ralph Janvey as receiver.
Stanford Receiver Has `Little Doubt’ There Was a Ponzi Scheme
