Stanford Financial Group-7 Billion Dollars Scam or Fraud

The world is filled with greedy people.

Just immediately after the Madoff’s scam case of a 50-billion-dollar pyramid scheme last year,next we have the seven billion dollar fraud in Houston-based Stanford Financial Group

Details:

• James Davis,60,the former chief financial officer of Houston-based Stanford Financial Group,pleaded guilty to fraud and obstruction charges. He admitted that he and his co-conspirators defrauded investors who bought about seven billion dollars in certificates of deposit administered by the Antigua-based Stanford International Bank. The scam was dated back to 1990 when he and his co-conspirators began making false entries into the bank’s ledgers about its revenues and revenue balances. The team misappropriated most of the bank’s investor assets,including by diverting more than 1.6 billion dollars into undisclosed personal loans to a co-conspirator.
• The investment company is owned by Texas cricket mogul Allen Stanford 59,a flamboyant Texan billionaire who sought to revolutionize the world of cricket,pleaded not guilty in June to 21 charges of fraud,money-laundering and obstruction. [ Stanford was the man behind the eponymous Stanford Super Series Twenty20 cricket competition,which culminated with his team of hand-picked Caribbean Superstars last year defeating England at his own ground on the Caribbean island state of Antigua and Barbuda.] he was even knighted in 2006 by the Caribbean island nation’s governor-general.
• The company’s chief investment officer Laura Pendergest-Holt has pleaded not guilty to charges arising out of the affair including fraud and conspiracy to commit money-laundering.
• The Department of Justice has also charged accountants Mark Kuhrt and Gilberto Lopez,who worked for Stanford-affiliated companies,and Leroy King,head of Antigua’s financial services regulatory commission.

 No date has yet been set for his trial,but Allen Stanford faces up to 375 years in jail if convicted.

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