Tuesday, February 17, 2009

Texas Financial Firm Accused of Fraud

Texas Financial Firm Accused of Fraud

Stopping what it called a “massive ongoing fraud,” the Securities and Exchange Commission on Tuesday accused Robert Allen Stanford, the chief of the Stanford Financial Group, as well as two top executives and some affiliates of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua.
In the complaint, filed in Federal District Court in Dallas, the S.E.C. accused Mr. Stanford and two associates — James M. Davis, a director and chief financial officer of Stanford Group and the Antigua-based bank affiliate, and Laura Pendergest-Holt, the chief investment officer of both organizations — with misrepresenting the safety and liquidity of the uninsured CDs......

The time has come for us all to be very, very wary of where our money is. Actually, the time passed a while ago, but Texas has been rather stable in light of the banking fiasco. Not any more.....


HermitJim said...

Now it's getting close to home...Katie, bar the door!

Anonymous said...

yeah we have been lucky in Texas...this guy was playing with people's cash way above our paygrade though....f them

CaptGooch said...

Hey Y'All,

Gooch is the name and I had no idea y'all were out there [here ?].
I'm down south of SA and NW of Corpus Christi.

I don't have much but I did buy some pre 64 silver with about half of what little I had saved.

I have been keeping the bank account open just as a means of having a "credit card". [it is actually a debit card but it can be used as a credit card up to the amount in my checking account]

Most of my "money" [frn's] is in cash and here at the hideout.
It looks like it might be time to drain them accounts down again.

Pleased to meet y'all.

My usual hangout = http://thementalmilitia.com/forums/index.php


Mayberry said...

Hermit, yup!

Pickdog..... Yup!

Cap'n, glad to have you aboard. Sounds like yer close to Riverwalker's neck of the woods!