Subscribe to our mailing list

* indicates required

 

 

 

 

BROWSE BY TOPIC

ABOUT FINANCIALISH

We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.

 

Stay Informed with the latest fanancialish news.

 

SUBSCRIBE FOR
NEWSLETTERS & ALERTS

FOLLOW US

Archive

Stanford "Stole Our Lives As We Knew Them"

June 19, 2012
[ by Melanie Gretchen and Howard Haykin ] As uttered by one victim of Allen Stanford's Ponzi scheme, Angela Shaw's poignant words expressed the toll Stanford's $7 billion fraud took on her family.  The Texas financier "stole more than millions.  He stole our lives as we knew them." Indeed, to support his lifestyle of private jets and island vacation homes, Stanford defrauded 30,000 people in an unprecedented $7 billion fraud.  However, if anyone expects regulators and worldwide authorities to come to the victims' rescue, don't hold your breath.  When the dust clears, they will be little if anything left for victims. .... Read further. Government Efforts Since Stanford's Arrest. In the 3 years since U.S. law enforcement shut down Stanford Financial Group, victims whose savings were invested in CD's issued by SFG - drawn to the promise of high returns - have recovered nothing. Federal court-appointed receiver, Ralph Janvey, has collected $220 million from Stanford's business.  But $60 million of those funds paid for professional fees  - to Janvey and other lawyers, accountants and professionals;  an additional $52 million has been spent dissolving the Stanford business.  Little collected, much spent.  And because Stanford does not carry as much fame as Bernie Madoff, the plight of Stanford's victims has been lost on most American people.  They are, and are likely to remain, America's forgotten financial victims. For further details, go to [WSJ, 6/15/12].