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Started By
Message
re: Stanford Financial Houston office's raided
Posted on 2/22/09 at 11:17 am to Tiger JJ
Posted on 2/22/09 at 11:17 am to Tiger JJ
quote:
Don't be too sure about that.
I was going by what happened in the Reed Slatkin case. I believe he had the largest Ponzi scheme in history before Madoff dominated him. The Slatkin investors that profited only had to give back gains to the trustee.
quote:
Have you tracked the Bayou case at all?
Not since it broke.
quote:
Observers are handicapping it at 50/50 now that original basis will have to be put back in the pot also.
I have my doubts but I'll have to watch as it unholds.
1
Posted on 2/22/09 at 11:18 am to mikeytig
quote:
do the feds taking over from the sec bode well for the investors?
Sadly the investors are most likely screwed no matter who is in charge.
Posted on 2/22/09 at 11:42 am to Cash
quote:
I have my doubts but I'll have to watch as it unholds.
I thought it was a slam dunk for the redeemed investors, but it's only gone the other direction in the past 3 years since it happened.
Posted on 2/22/09 at 12:39 pm to Tiger JJ
Jersey Tiger are you in the financial services industry in some capacity?
Posted on 2/22/09 at 12:42 pm to mikeytig
define financial services industry
Posted on 2/22/09 at 12:47 pm to Cash
Well- I guess my question can be for you also Cash, you and JT seem to know alot. Are yall brokers? Agents? Financial guys of some company? Are you just watching all this from the sidelines?
Posted on 2/22/09 at 12:50 pm to mikeytig
I'm watching from the sidelines. I do have a brief background in regulation, but no longer do that for a living. For the most part I'm just facinated by financial fraud/schemes.
I'll let JT answer for himself.
I'll let JT answer for himself.
Posted on 2/22/09 at 12:52 pm to Cash
(no message)
Posted on 2/22/09 at 12:53 pm to mikeytig
Well, I really have not spent too much time on this board however alot of people I know took some huge hits with this Stanford group. Amazing the market they cornered here in BR.
Posted on 2/22/09 at 1:01 pm to mikeytig
Anyone know of anyone outside of the Stanford group pushing these CD's?
Posted on 2/22/09 at 1:37 pm to LSUDad
Not quite cricket
Stanford's pre-match antics in Antigua cannot have improved the reputation of Texas bankers. He put the make on a few of the players' wives and girlfriends, and, in a serious breach of protocol, tried to barge into the English team's dressing room.
Stanford's pre-match antics in Antigua cannot have improved the reputation of Texas bankers. He put the make on a few of the players' wives and girlfriends, and, in a serious breach of protocol, tried to barge into the English team's dressing room.
Posted on 2/22/09 at 2:13 pm to mikeytig
I work on the investment side of the business - running a couple of funds.
Posted on 2/22/09 at 4:36 pm to Tiger JJ
quote:
I work on the investment side of the business - running a couple of funds
In Wash St?
Posted on 2/22/09 at 4:47 pm to mikeytig
Yes
Posted on 2/23/09 at 1:07 pm to Tiger JJ
bump
Posted on 2/23/09 at 1:17 pm to prplhze2000
SEC is shutting down the Jackson office this afternoon. going to seize it and escort everyone even though its already closed. Sec. of State's office got an order not to do anything related to this case.
Posted on 2/23/09 at 8:34 pm to Tiger JJ
Guys,
A client came into my office today concerned about her Stanford account, rightly so.
She was dealing with an FA in Baton Rouge. She has about $300,000 in a Pershing IRA custodian account, no suspect Antigua CDs in the account, only normal retirement type mutual funds, GNMA funds, etc.
I'm thinking she should be ok. She is concerned about Pershing paying out her monthly IRA distribution. She can't get anyone on the phone. She's trying to transfer the account to another brokerage firm without any success.
A client came into my office today concerned about her Stanford account, rightly so.
She was dealing with an FA in Baton Rouge. She has about $300,000 in a Pershing IRA custodian account, no suspect Antigua CDs in the account, only normal retirement type mutual funds, GNMA funds, etc.
I'm thinking she should be ok. She is concerned about Pershing paying out her monthly IRA distribution. She can't get anyone on the phone. She's trying to transfer the account to another brokerage firm without any success.
Posted on 2/23/09 at 8:51 pm to tigeryat
quote:
I'm thinking she should be ok.
quote:
She can't get anyone on the phone. She's trying to transfer the account to another brokerage firm without any success.
These don't jive.
Posted on 2/23/09 at 9:25 pm to Meauxjeaux
The phone lines at the BR Stanford office are either busy or no one picks up. Every investor is trying to call their broker. Maybe there is no one there to answer the phones, who knows?
Can she do anything other than wait?
Can she do anything other than wait?
Posted on 2/23/09 at 9:41 pm to tigeryat
quote:
The phone lines at the BR Stanford office are either busy or no one picks up
I think they are turned off.
She should be okay, but it will take a little time for things to shake out. The SEC/SIPC/FBI/etc. is aware some peoples entire income and net worth is tied up. They will make efforts to turn over the legit assets asap.
quote:
Can she do anything other than wait?
Honestly, I don't think so. But I'd send a ceritfied return receipt letter to the SEC and cc the FINRA New Orleans district anyway. It might get her near the front of the line for transfers
This post was edited on 2/24/09 at 8:36 am
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