Stanford Financial Group News
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R. Allen Stanford’s receiver and investors’ committee sued Antigua, the Eastern Caribbean Central Bank and 23 former Stanford Financial Group Co. executives over allegations they aided the financier’s $7 billion fraud.
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Former Stanford Financial Group Co. finance chief James M. Davis was sentenced to five years in federal prison for his role in a 20-year, $7 billion international fraud scheme.
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Former Stanford Financial Group Co. finance chief James M. Davis is seeking a prison sentence 26 years shorter than the potential 30-year term he agreed to after pleading guilty to his role in a $7 billion investor fraud, citing his cooperation with prosecutors.
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Egan-Jones Ratings Co. was barred from grading government debt and asset-backed securities for 18 months after settling charges it made material misstatements to the U.S. Securities and Exchange Commission.
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The U.S. Supreme Court agreed to use a case involving investors in R. Allen Stanford’s $7 billion Ponzi scheme to consider tightening the limits on securities- fraud suits.
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A former Stanford Financial Group Co. accountant testified that he grew concerned about $2 billion R. Allen Stanford secretly borrowed from his Antiguan bank after hearing the company’s finance chief say repeatedly in 2007 and 2008, “The emperor has no more clothes.”
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Two of R. Allen Stanford’s former law firms were sued by defrauded investors who claim the lawyers crafted corporate structures that enabled the financier’s $7 billion Ponzi scheme for more than 20 years.
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Laura Pendergest Holt, the former chief investment officer for Stanford Financial Group Co., was sentenced to three years in prison for obstructing a U.S. Securities and Exchange Commission investigation of the $7 billion Ponzi scheme at the company.
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Joseph Collins, Refco Inc.’s former outside lawyer whose 2009 fraud conviction was reversed in January, was found guilty Nov. 16 by a jury in federal court in Manhattan.
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R. Allen Stanford told his top brokers in late 2008 that his Antiguan bank “was sitting on $5.1 billion” more cash than it needed as his treasury manager was privately e-mailing him that there was just $173.6 million on hand, Stanford’s former finance chief testified.
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