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Started By
Message
Victims of Allen Stanford may get some money back
Posted on 12/28/20 at 3:19 pm
Posted on 12/28/20 at 3:19 pm
LINK
I had a meeting in the same building as Stanford's BR offices the day that all went down. Weird to see the padlocked doors and the US Marshal's seal.
quote:
Stanford, a former Texas financier known primarily by his middle name, was convicted of fraud by a Houston jury in 2012 in what prosecutors called a $7.2 billion fraud that lasted two decades and which was eclipsed in size only by the Ponzi scheme run by Bernie Madoff.
About $50 million had previously been returned, the justice ministry said.
In October, the Swiss criminal court had rejected appeals against the seizure of the assets, paving the way for the remaining $150 million to be returned by the end of December, the ministry said.
Stanford, now serving a 110-year prison term, had stashed millions from his Antigua-based Stanford International Bank at the Swiss arm of French bank Societe Generale, which he tapped regularly to fund a fleet of private jets and a 100-foot yacht, according to U.S. District Court filings from 2012.
"The release (of the blocked funds) became possible after the American financier Allen Stanford's fraud conviction became permanent," the Swiss justice ministry said in a statement on Monday.
According to a 2012 sentencing memorandum, U.S. federal prosecutors said Stanford was a "ruthless predator" who routed $116 million in ... proceeds "through a Swiss slush fund he controlled at Societe Generale".
Societe Generale spent years fighting allegations that it had not adequately upheld its anti-money laundering obligations in accepting Stanford's money, Swiss court filings show.
A bank spokesman contacted by Reuters declined to comment on Monday.
I had a meeting in the same building as Stanford's BR offices the day that all went down. Weird to see the padlocked doors and the US Marshal's seal.
Posted on 12/28/20 at 3:21 pm to Jim Rockford
It's on me, but I initially read this as "Victims of Alien..." and got excited. Only to click the thread and be disappointed.
Posted on 12/28/20 at 3:21 pm to Jim Rockford
gotta be peanuts...right?
Posted on 12/28/20 at 3:24 pm to dagrippa
His fraud was alleged to be in the neighborhood of $7 billion, so yeah, a drop in the bucket.
Posted on 12/28/20 at 3:25 pm to Jim Rockford
quote:
$7.2 billion
Imagine trying to hide that in cash lol
Posted on 12/28/20 at 3:26 pm to dagrippa
quote:
gotta be peanuts...right?
quote:
a $7.2 billion fraud .... $150 million to be returned
yeah
Posted on 12/28/20 at 3:27 pm to Jim Rockford
The people who got screwed get $150 million out of over $7 Billion he stole? Sounds like the COVID bill going through Congress.
You know who didn’t get short changed? The Government or the lawyers.
You know who didn’t get short changed? The Government or the lawyers.
Posted on 12/28/20 at 3:28 pm to SEClint
I was eating lunch across the street from his office when it was raided. Had no clue it was happening. Walked outside to news trucks. That evening on the news I saw what was going on.
Posted on 12/28/20 at 3:29 pm to Janky
quote:
I was eating lunch across the street from his office when it was raided.
Where was his office? I knew/know a few of the brokers in the Baton Rouge office, but was living in Dallas at the time it went down.
Posted on 12/28/20 at 3:31 pm to jbgleason
People can be so greedy. Even people with more money than they could ever spend. This stuff is almost always blatantly phony and can be discovered with just a little bit of due diligence but people still fall for it. You're not going to get a 25% return on your investment with zero risk. If there was such a thing the Wall Street sharps would already be doing it.
Posted on 12/28/20 at 3:31 pm to Janky
quote:
Walked outside to news trucks.
Posted on 12/28/20 at 3:35 pm to Jim Rockford
quote:
You're not going to get a 25% return on your investment with zero risk
I'm no expert, but I thought the returns Stanford's bank were offering on CD's were slightly better than average but not extravagant. I was under the impression he kept it reasonable to stay under the radar.
Again, I could be wrong.
Posted on 12/28/20 at 3:37 pm to Cash
quote:
Where was his office?
The galleria.
quote:
I knew/know a few of the brokers in the Baton Rouge office
My wife taught their kids at Dunham. Great families. They had to pay back lots of money.
Posted on 12/28/20 at 3:37 pm to Cash
quote:I find your lack of faith disturbing.
Again, I could be wrong.
Posted on 12/28/20 at 3:39 pm to Jim Rockford
Most of the street trees in downtown BR were donated by the Stanford Group.
Posted on 12/28/20 at 3:40 pm to Cash
I don't remember the exact numbers, but they were paying considerably more than the market through a bank in Antigua.
Posted on 12/28/20 at 3:41 pm to Cash
You could be right. I was speaking generally.
Posted on 12/28/20 at 3:41 pm to jbgleason
quote:
The people who got screwed get $150 million out of over $7 Billion he stole? Sounds like the COVID bill going through Congress.
You know who didn’t get short changed? The Government or the lawyers.
That $150MM is before the attorneys have been paid. They’re paid from assets collected in the bankruptcy.
Posted on 12/28/20 at 3:51 pm to Jim Rockford
quote:
According to the most recent figures from Ralph Janvey, the court-appointed receiver rounding up funds for the victims, about $500 million of the roughly $5 billion in investor losses had been recovered as of Oct. 31, 2018. Of that, a court has approved about $224 million in fees and expenses for Janvey and his team. That leaves about $275 million — or about 5 cents on the dollar — for the victims.
From a CNBC article last year...
Posted on 12/28/20 at 3:57 pm to slackster
Janvey making out like a bandit
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