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Allen Stanford

Allen Stanford
Stanford in 2009
Born
Robert Allen Stanford

(1950-03-24) March 24, 1950 (age 74)
Mexia, Texas, U.S.
Nationality
  • American
  • Antiguan
CitizenshipUnited States
Antigua and Barbuda
EducationEastern Hills High School
Baylor University, BA, finance (1974)
Occupation(s)Former Chairman and CEO Stanford Financial Group (now defunct)
Known forBusinessman in the financial services sector, Ponzi scheme, involvement in Stanford Super Series
SpouseSusan Stanford (separated)

Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme,[1][2][3] and is now serving a 110-year federal prison sentence.[4]

Stanford was the chairman of the now-defunct Stanford Financial Group of Companies. A fifth-generation Texan who once resided in Saint Croix, U.S. Virgin Islands, he holds dual citizenship, as a citizen of Antigua and Barbuda and of the United States. He contributed millions of dollars to politicians in Antigua and the United States, amongst other countries.[5]

In early 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. Securities and Exchange Commission with fraud and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $7 billion in certificates of deposits.[2][3] The Federal Bureau of Investigation raided Stanford's offices in Houston, Texas; Memphis, Tennessee; and Tupelo, Mississippi.[6] On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a "massive Ponzi scheme".[7] He voluntarily surrendered to authorities on June 18, 2009.[8][9] On March 6, 2012, Stanford was convicted on all charges except a single count of wire fraud.[10] He is serving a 110-year sentence at United States Penitentiary, Coleman II in Coleman, Florida.[11] In September 2014, Stanford filed an appeal; it was rejected in October 2015.[12]

  1. ^ Boutet, Chris (February 17, 2009). "Texas business magnate Allen Stanford convicted 6th March 2012 of $7Bfraud charge". BBC News. Retrieved March 6, 2012.
  2. ^ a b Cite error: The named reference massive was invoked but never defined (see the help page).
  3. ^ a b Securities and Exchange Commission, Plaintiff v. Stanford International Bank Ltd., Stanford Group Company, Stanford Capital Management LLC, R. Allen Stanford, James M. Davis, Laura Pendergest-Holt, Defendants, case no. 3:09-cv-00298-L (U.S. District Court for the Northern District of Texas (Dallas)).
  4. ^ Juan A. Lozano (June 14, 2012). "Stanford gets 110 years for role in $7B swindle". Retrieved June 14, 2012.
  5. ^ Chidem Kurdas (September 15, 2012). Political Sticky Wicket: the Untouchable Ponzi Scheme of Allen Stanford. CreateSpace Independent Publishing Platform. ISBN 978-1479257584.
  6. ^ Ross, Brian; Joseph Rhee & Justin Rood (February 18, 2009). "Manhunt: Accused Financier Scammer Stanford Missing, Authorities say Investor Losses Could Rival Madoff Scandal". ABC News.
  7. ^ Driver, Anna (February 27, 2009). "U.S. charges Stanford with massive Ponzi scheme". Reuters. Thomson Reuters. Archived from the original on March 1, 2009. Retrieved February 28, 2009.
  8. ^ Bloomberg News (June 19, 2009). "Billionaire Financier Stanford Surrenders to FBI". Washington Post. Retrieved June 19, 2009.
  9. ^ "Stanford charged with fraud in US". BBC News. June 19, 2009. Archived from the original on June 20, 2009. Retrieved June 20, 2009.
  10. ^ "Texas tycoon found guilty in $7B Ponzi scheme". CBS News. Retrieved March 6, 2012.
  11. ^ "Inmate Locator". Bop.gov. Archived from the original on February 17, 2013. Retrieved January 12, 2016.
  12. ^ "Federal judges reject convicted Ponzi scheme operator R. Allen Stanford's appeal, uphold 110-year sentence". Theadvocate.com. Baton Rouge, Louisiana: The Advocate. January 8, 2016. Archived from the original on December 8, 2015. Retrieved January 12, 2016.

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