R. Allen Stanford has laid off about two-dozen people at its Houston headquarters. Houston-based Stanford Financial Group, which says it oversees more than $50 billion (35.1 billion pounds) of assets, is being investigated by U.S. regulators.
The New York Times reported that U.S. securities regulators had accused three top Stanford executives, including Robert Allen Stanford, of fraud.
The Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group, on Tuesday of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua.
S.E.C. accused Stanford Capital Management, another Houston-based investment advisory unit, of inflating the performance of its $1.2 billion-asset Stanford Allocation Strategy mutual fund in promoting it to prospective investors.
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Stanford's companies include Antiguan-based Stanford International Bank (SIB), Houston-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management. The SEC also charged SIB chief financial officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action.stanford international bank, stanford financial group, stanford group houston, stanford financial, allen stanford
SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme
Washington, D.C., Feb. 17, 2009 — The Securities and Exchange Commission today charged Robert Allen Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an $8 billion CD program. stanford international bank, stanford, stanford group, stanford financial fraud, stanford financial group