re: Allen Stanford's Ponzi back in the news (Baton Rouge question)

quote:

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Do any of you Louisiana baws remember this and can share stories?

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I'm not sure if this is the kind of "stories" you're referring to but back in that time period prior to the fraud being discovered at Stanford I worked at a bank in the trust department in Baton Rouge.

I had a older couple come to me wanting to take all of their money out of their trust accounts at our bank in order to buy CDs issued through Stanford's offshore bank.

They kept telling me the CDs were "insured" and there was no risk. As best as I can recall market interest rates on CDs back then were in the 6-9% range and Stanford was going to pay 12-15% on the CDs the couple planned to get.

As much as I tried to reason with them I couldn't talk the couple out of getting the Stanford CDs.

I didn't know where the fraud was but I knew without a doubt that couple was going to lose their money.

And they did.