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Stanford Rewarded Growth of Offshore Bank
February 1, 2012
[ by Melanie Gretchen ]
Allen Stanford's interest in growth of his offshore bank paid off in bonuses, a former employee testified last week. Jason Green, who used to run Stanford Financial Group's office in Baton Rouge, Louisiana, said Stanford rewarded those who ran offices of Stanford Financial Group with a commission of 0.5% when total deposits reached $10 million or more in a quarter.
In the 4th day of Stanford's criminal trial in federal court in Houston, Mr. Green spoke on Stanford's goal with boosting deposits at his offshore bank in Antigua. Now on trial for selling certificates of deposit to clients in over 100 countries in a $7 billion Ponzi scheme, Stanford sent emails to his sales staff titled "GROWTH, GROWTH, GROWTH," toward creating the largest privately held financial services firm in the world.
Stanford, 61, has charged for a 14-count indictment with fraud and conspiracy. He has pled not guilty on all counts.
When Mr. Green worked for Stanford in Louisiana from 1996 to March 2009, the SEC had filed civil charges and shut down the Texas financier's businesses. In the 3rd day of prosecution witnesses, Green testified he was unaware of any fraud taking place. U.S. District Judge David Hittner has said he anticipates the trial to last 6 weeks.
For more details, go to [Reuters, 1/26/12].

