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Started By
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re: Allen Stanford's Ponzi back in the news (Baton Rouge question)
Posted on 2/17/24 at 12:02 pm to Tomatocantender
Posted on 2/17/24 at 12:02 pm to Tomatocantender
I think he had two Global Express business jets. Buddy of mine , who’s a pilot who knew a pilot who flew for Stanford financial , told the story that one day the pilots were hanging out at the hanger just doing their normal daily routine and about a dozen black SUVs all come flying in, and that was the end of working for Stanford Financial. 
0
Posted on 2/17/24 at 12:03 pm to Tomatocantender
So how many people were in on this? It appears 3 by the last post in the thread.
Where did all the investors money go? 7B is a lot for 3 people to blow through.
Where did all the investors money go? 7B is a lot for 3 people to blow through.
Posted on 2/18/24 at 7:26 am to GREENHEAD22
quote:
So how many people were in on this? It appears 3 by the last post in the thread.
This is what I never understand about these multi billion dollar scams where only a handful or less of people go to jail. The second he moved to Houston this became a regulated product/entity within the US. Think about all those law firms hired to keep the NASD and SEC regulators looking the other way, all those accounting firms that rubber stamped his GAP interim and STAT audited financials every year, all those banks that had a fiduciary duty to report anti money laundering or Patriot Act activity etc. You cannot tell me that competitor brokerage houses and even mid cap banks didn't file complaints because they were losing money hand over fist to the Stanford Group. But yet only 3 people went to jail with 2 of them getting sweetheart deals to testify against the big guy.
This post was edited on 2/18/24 at 7:28 am
Posted on 2/18/24 at 8:18 am to Hermit Crab
quote:
know some people in Zachary that lost a lot
Me too. There was a guy with an office in Zachary that was with the Stanford Group. I grew up around the corner from the lady in Zachary that was in the documentary.
Posted on 2/18/24 at 8:24 am to Tomatocantender
My father had just died a few years prior and then my mom lost her arse because of Stanford. Hope that dude burns in hell.
Posted on 2/18/24 at 9:09 am to Tomatocantender
quote:
Do any of you Louisiana baws remember this and can share stories?
At the time I was in law school and hanging around a lot of Episcopal/CCLA people and it was an incredibly big deal to their families.
That's all I got.
Posted on 2/18/24 at 9:10 am to Klondikekajun
quote:
Yet Sam Bankman Fried will get off scott free....
Wait what?
He's already been found guilty in one case with another possibly coming down the pipes
Posted on 2/18/24 at 12:01 pm to SlowFlowPro
Couple family members and friends invested with Stanford. He pretended to be a religious Catholic. That’s part of what they sold besides the ridiculous high interest CD’s.
Posted on 2/18/24 at 10:15 pm to Tomatocantender
Anyone arrogant enough to think they were special enough to get guaranteed 10% returns……,……. Well they weren’t
Posted on 2/19/24 at 10:20 am to Tomatocantender
I know that sociopaths don't think, or care, about the ramifications of their actions. But how did this guy think he was going to get away with this?
The list of Ponzi scheme perpetrators who have not been caught contains zero names.
They ALL get caught.
The list of Ponzi scheme perpetrators who have not been caught contains zero names.
They ALL get caught.
Posted on 2/19/24 at 11:48 am to Tomatocantender
quote:
Do any of you Louisiana baws remember this and can share stories?
LINK
quote:
Lafayette businessman Mike Moreno got more than half of his money out of Stanford Group but still had $20 million invested in the company when regulators shut it down in February 2009, according to court testimony last week
Posted on 2/19/24 at 12:28 pm to Tomatocantender
What’s NOT in the news is the Biden family (Hunter and James) involvement and acquittal. Just swept right under the rug as if it didn’t happen.
Posted on 2/19/24 at 5:53 pm to SlidellCajun
quote:
Stanford is a dirtbag. He set out to be a fraud unlike others who fell into it because they got behind in their returns and couldn’t face it. This guy set out from day 1 to defraud people, and use their money to live a lavish lifestyle.
Spot on. I re-watched "The Man Who Bought Cricket" on YT and it definitely infers that this guy set out from Day 1 to defraud. Apparently he owned a chain of failed health clubs in the 80's, and once the banks foreclosed and he filed bankruptcy, it was then his life's mission to get even by any means necessary. Once he learned about Miami/Cuba drug money and offshore banking almost identical to the movie Scarface, the documentary states he was off to the running with his mastermind scam.
Posted on 2/19/24 at 8:17 pm to Klondikekajun
quote:
Yet Sam Bankman Fried will get off scott free....
It’s (D)ifferent.
Posted on 2/20/24 at 4:15 pm to Tomatocantender
quote:
Kathy Mier still remembers the feeling she got in the pit of her stomach when she heard that federal agents had raided the downtown Baton Rouge offices of the Stanford Group. It was February 16, 2009, and Mier, a retired school teacher who lives with her husband, Louis, on a spacious tract just north of Zachary, was watching the local 10 p.m. news.
“He was already in bed when the story came on,” Mier says. “I ran to the bedroom and woke him up and said, ‘Louis, I think we’ve lost all our money with Stanford.’”
As it turned out, the Miers lost some $240,000 with the collapse of Stanford—her $70,000 retirement pension from the East Baton Rouge Parish School System and his $170,000 rollover IRA from Georgia-Pacific, where he’d worked for decades as a storeroom clerk. It didn’t wipe them out entirely but it represented a significant portion of their savings, money they need today more than ever. She is now 72; he is 80 and suffering from the advanced stages of Parkinson’s Disease.
Local news did some heartbreaking profiles of some of the victims.
LINK
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