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re: Victims of Allen Stanford may get some money back
Posted on 12/28/20 at 7:05 pm to lsufan1971
Posted on 12/28/20 at 7:05 pm to lsufan1971
Exactly, perfect example of “if it’s too good to be true...”
0
Posted on 12/28/20 at 7:09 pm to ScottAndrew
quote:Thanks.
ScottAndrew
So predictable. "I'm the smartest guy you'll ever need for your assets. I know more than anyone else. You can trust me. Wait, my partner was doing what?! I had NO idea!"
This post was edited on 12/28/20 at 7:17 pm
Posted on 12/28/20 at 7:12 pm to ScottAndrew
quote:
The only one who might have died quickly after everything came out of I think a massive heart attack
Jason Greene?
Posted on 12/28/20 at 7:13 pm to Cash
Yeah
Posted on 12/28/20 at 7:14 pm to GB1017LSU
quote:
Investing funds with a “ Bank” in the Cayman Islands with returns far better than any U. S. bank was offering at the time. This was a simple case of greed by these so called victims, and it caught up to them.
Alot of them were ExxonMobil employees/retirees/baws. Not exactly sophisticated investors.
Posted on 12/28/20 at 7:16 pm to Cash
Some of the local guys had to pay back commissions which was in the hundreds of thousands.
Posted on 12/28/20 at 7:16 pm to GB1017LSU
IIRC at least a few were people who had a lot of money but weren't necesserily sophisticated investors-elderly widows and such. A lot of them were just greedy though.
That Deberardinis guy in Shreveport scammed a bunch of oil and gas operators who should have known better. One of them had a law degree from SMU and a Masters in Finance from the London School of Economics. He wasn't in on it but a lot of people invested on his recommendation. He ended up comitting suicide.
That Deberardinis guy in Shreveport scammed a bunch of oil and gas operators who should have known better. One of them had a law degree from SMU and a Masters in Finance from the London School of Economics. He wasn't in on it but a lot of people invested on his recommendation. He ended up comitting suicide.
Posted on 12/28/20 at 7:17 pm to Cash
Yeah I don’t like putting an iota of blame on the investors. They were very convincing (used God a lot) which makes it even worse. Preying on easy targets
Posted on 12/28/20 at 7:17 pm to Cash
quote:
Jason Green
Cancer got him in 2018.
This post was edited on 12/28/20 at 7:19 pm
Posted on 12/28/20 at 7:35 pm to Cash
quote:
Alot of them were ExxonMobil employees/retirees/baws. Not exactly sophisticated investors.
I Never said sophisticated investors.
You work that hard and long to build your retirement and then let the potential returns impair your judgment.
The Stanford reps went after the Exxon retirees- knowing where the money was.
Posted on 12/28/20 at 7:35 pm to ScottAndrew
quote:
They were very convincing (used God a lot) which makes it even worse.
Yep, I knew two of the guys that were very involved when I was in college. They were older, but still in their "hanging around" phase. This was pre-Stanford, I think they were both just starting with Merrill Lynch at the time. I lost touch with both and haven't seen them in over 20 years.
I'm friends/acquaintances with a different guy that was involved. Our kids go to school together. I didn't know him in the Stanford days and can't bring myself to ask him about it. All I know is he and his wife both work hard and have good kids.
Posted on 12/28/20 at 7:40 pm to GB1017LSU
quote:
I Never said sophisticated investors.
You work that hard and long to build your retirement and then let the potential returns impair your judgment.
The Stanford reps went after the Exxon retirees- knowing where the money was.
You said greed. In some cases yes, but not all. Operators at a place like ExxonMobil are almost like brothers. They work 12 hour shifts with same guys for 30-40 years(nights, weekends, holidays). If a few of them are investing with one guy, another might assume/trust that its the right/smart thing to do.
For the record, myself and everyone in my family never invested a dime with the Stanford Group.
Posted on 12/28/20 at 7:46 pm to bigtruckin1775
Can't say I ever met him.
Posted on 12/28/20 at 7:54 pm to Cash
quote:
For the record, myself and everyone in my family never invested a dime with the Stanford Group.
For the record...I know a retired Exxon employee who lost well over 1.5 million. A few years prior to the collapse of this scheme he asked me what I thought of his returns, and I advised him to get out. But greed overshadowed his decision making.
Posted on 12/28/20 at 7:56 pm to bigtruckin1775
That is one of them.
Posted on 12/28/20 at 8:25 pm to Cash
I know who you’re talking about.
But anyway, I have a huge problem blaming the victims here. Greed really was not a part of it in the investor side. They genuinely were made to believe it was safe money with a great return. And the only red flag was too good to be true, but great salesman can overcome that unfortunately.
But anyway, I have a huge problem blaming the victims here. Greed really was not a part of it in the investor side. They genuinely were made to believe it was safe money with a great return. And the only red flag was too good to be true, but great salesman can overcome that unfortunately.
Posted on 12/28/20 at 8:25 pm to Jim Rockford
Pigs get fat. Hogs get slaughtered.
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