Stanford Arrested for Pyramid Scheme
06-19-2009, 03:56 PM
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Stanford Arrested for Pyramid Scheme
BOSTON, June 19 (Reuters) - Investors burned by Texas billionaire Allen Stanford took solace from his indictment on Friday, but many remained devastated by their losses and frustrated at their inability so far to recover the money.
Retired school teachers, corporate executives, small business owners and others who entrusted their life's savings to Stanford applauded his arrest in Virginia and indictment on federal fraud, conspiracy and obstruction charges.
"I have spent months assuring my clients that Stanford will be arrested and that he will go to prison," said Randy Pulman, managing partner at law firm Pulman, Cappuccio, Pullen & Benson LLP in San Antonio, Texas.
"So there is some relief from that," said Pulman, whose clients had roughly $49 million invested with Stanford.
But the arrest does little to ease the pain of the 30,000 investors the SEC estimates were affected by what federal officials describe as a $7 billion pyramid scam executed by Stanford, three associates and a top Caribbean regulator.
The 59-year-old Stanford is accused by the U.S. Securities and Exchange Commission of having fraudulently sold $8 billion in high-yield certificates of deposit issued by Stanford International Bank Ltd in Antigua.
Retired school teachers, corporate executives, small business owners and others who entrusted their life's savings to Stanford applauded his arrest in Virginia and indictment on federal fraud, conspiracy and obstruction charges.
"I have spent months assuring my clients that Stanford will be arrested and that he will go to prison," said Randy Pulman, managing partner at law firm Pulman, Cappuccio, Pullen & Benson LLP in San Antonio, Texas.
"So there is some relief from that," said Pulman, whose clients had roughly $49 million invested with Stanford.
But the arrest does little to ease the pain of the 30,000 investors the SEC estimates were affected by what federal officials describe as a $7 billion pyramid scam executed by Stanford, three associates and a top Caribbean regulator.
The 59-year-old Stanford is accused by the U.S. Securities and Exchange Commission of having fraudulently sold $8 billion in high-yield certificates of deposit issued by Stanford International Bank Ltd in Antigua.
Imagine how many people are still getting away with these kinds of schemes, and imagine if the economy did NOT run through a recession, all of these guys like Madolf, Stanford would be makin billions still.
Again, this is a pro-recession ordeal. Recessions and bankruptcy is the capitalistic way of getting rid of all the fake wealth, and all of these guys stealing our money, and then putting the ones who know how to do business and are trusted on top.
The more the gov't interferes and props up this baloney, more people in businesses that have NO REASON even being there will still be drilling a whole in ALL Americans DEBT. It isn't just one or two people anymore, the GOVT is going to pull all of this money from us, the people.
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