The FBI and US Marshals office has stormed the Houston office of Standford International Bank.
Federal regulators are charging R Allen Stanford and three of his companies with a "massive" fraud that has centered around high-interest-rate CD's.
Greedy ass MOFOS....
The Securities and Exchange Commission's complaint, filed in federal court Dallas, alleges that Stanford International Bank sold about $8 billion of these CD's, the bank promising "improbable and unsubstantiated high interest rates."
The rates allegedly allowed the bank to achieve double-digit returns on its investments for the past 15 years. U.S. District Judge Reed O’Connor entered a temporary restraining order and froze Stanford’s assets.
The SEC’s outgoing enforcement chief Linda Chatman Thomsen says Stanford and his family and friends “perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors.”
The SEC’s outgoing enforcement chief Linda Chatman Thomsen says Stanford and his family and friends “perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors.”
Story developing......
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