R. Allen Stanford was furious to learn that his finance chief, James Davis, forged his name to a 2007 employee memo abolishing a department Stanford created to “reel in” expenses, a former executive testified.
R. Allen Stanford’s investors, after waiting three years to see the Texas financier go to trial on charges of leading a $7 billion fraud, must hold on even longer before learning when they will get some of their money back.
Lloyd’s of London underwriters are attempting to convince a U.S. judge that financier R. Allen Stanford conspired to steal money so they can avoid paying attorneys to defend him on criminal fraud charges.
R. Allen Stanford directed his executives to falsify investment returns, threatened to fire them if they revealed $2 billion he secretly borrowed from his Antiguan bank and approved of office affairs, according to witnesses at his criminal fraud trial.
The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.