Forums > Social Discussion > Billionnaires jailed for fraud...
Login/Join to ParticipateStargazer
6,650 posts
6,650 posts
Posted:
The article
Originally Posted By: APWASHINGTON – Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.
The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. At a court hearing in Richmond, Va., a federal judge agreed with prosecutors that Stanford poses a flight risk and ordered him to remain in custody until a future detention hearing in Houston.
(...)
The indictment unsealed Friday in Houston charged Stanford and other executives at his firm falsely claimed to have grown $1.2 billion in assets in 2001 to roughly $8.5 billion by the end of 2008. The operation had roughly 30,000 investors, officials said.
Investigators say that even as Stanford claimed healthy returns for those investors, he was secretly diverting more than $1.6 billion in personal loans to himself.
he sure should have migrated to India or Indonesia... they don't ever jail billionnaires here...
1.6 billion... wow
EDITED_BY: FireTom (1246334612)
EDIT_REASON: more to come
The article
Originally Posted By: APWASHINGTON – Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.
The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. At a court hearing in Richmond, Va., a federal judge agreed with prosecutors that Stanford poses a flight risk and ordered him to remain in custody until a future detention hearing in Houston.
(...)
The indictment unsealed Friday in Houston charged Stanford and other executives at his firm falsely claimed to have grown $1.2 billion in assets in 2001 to roughly $8.5 billion by the end of 2008. The operation had roughly 30,000 investors, officials said.
Investigators say that even as Stanford claimed healthy returns for those investors, he was secretly diverting more than $1.6 billion in personal loans to himself.
he sure should have migrated to India or Indonesia... they don't ever jail billionnaires here...
1.6 billion... wow
EDITED_BY: FireTom (1246334612)
EDIT_REASON: more to come
the best smiles are the ones you lead to 
SILVER Member
Geek
1,261 posts
Location: Manchester, UK
Geek
1,261 posts
Location: Manchester, UK
Posted:
There's a big 'anti- big-business' movement in the US and Europe at the moment following the collapse of the banks and the current recession. I think it probably all started with Enron though.
Stanford also mostly ripped off the wealthy with his fake investment scheme. I'm sure these are the same people responsible for his trial and sentencing.
In fairness he exploited the greed of the rich people around him by offering them the chance to join an investment scheme that offered outragous returns. I think it makes a very good point about the wider financial markets (or even life): "If it sounds too good to be true, it probably is!"
He would have got away with it too had he not handed himself in to the authorities.
There's a big 'anti- big-business' movement in the US and Europe at the moment following the collapse of the banks and the current recession. I think it probably all started with Enron though.
Stanford also mostly ripped off the wealthy with his fake investment scheme. I'm sure these are the same people responsible for his trial and sentencing.
In fairness he exploited the greed of the rich people around him by offering them the chance to join an investment scheme that offered outragous returns. I think it makes a very good point about the wider financial markets (or even life): "If it sounds too good to be true, it probably is!"
He would have got away with it too had he not handed himself in to the authorities.
Stargazer
6,650 posts
6,650 posts
Posted:
Well I guess Stanford did his own "anti big business campaign" - 30.000 (high profile) investors - that are not the kind of people I would like to call "enemies"... whereas... maybe he'll turn it into a heroic saga... like some 'Robin Hood scenario'... "nothing impossible" (subkooch millega) as the Indians would say
EDITED_BY: FireTom (1245500268)
EDIT_REASON: it's a sagA not a sagE ;)
Well I guess Stanford did his own "anti big business campaign" - 30.000 (high profile) investors - that are not the kind of people I would like to call "enemies"... whereas... maybe he'll turn it into a heroic saga... like some 'Robin Hood scenario'... "nothing impossible" (subkooch millega) as the Indians would say
EDITED_BY: FireTom (1245500268)
EDIT_REASON: it's a sagA not a sagE ;)
the best smiles are the ones you lead to
Stargazer
6,650 posts
6,650 posts
Posted:
mmmmh the plot thickens...
today Bernard Madoff got a sentence for over 150 yrs in jail...
Originally Posted By: APNEW YORK – A federal judge rejected Bernard Madoff's plea for leniency Monday, sentencing the 71-year-old swindler to spend the rest of his life in prison for an "extraordinarily evil" fraud that took a staggering toll on thousands of victims.
U.S. District Judge Denny Chin cited the unprecedented nature of the multibillion-dollar fraud as he sentenced Madoff to the maximum of 150 years in prison, a term comparable only to those given in the past to terrorists, traitors and the most violent criminals. There is no parole in federal prison so Madoff will most likely die there.
"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll," Chin said.
hear hear
Originally Posted By: APHis immediately family did not attend the sentencing. But Ruth Madoff — often a target of victims' scorn since her husband's arrest — broke her silence afterward by issuing a statement through her lawyer. She said she, too, had been misled.
"I am embarrassed and ashamed," she said. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."
(...)
Madoff, who has been jailed since March, already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million that couldn't be tied to the fraud.
mmmhmmm - he scammed his own wife hasn't he?
Originally Posted By: APBefore Madoff became a symbol of Wall Street greed, he earned a reputation as a trusted money manager with a Midas touch. Even as the market fluctuated, clients of his secretive investment advisory business — from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax — for decades enjoyed steady double-digit returns.
(...)
Madoff's sentence was not the longest for a white-collar criminal. New York businessman Sholam Weiss, 55, was sentenced in February 2000 to 845 years in prison for his role in a plot that skimmed $400 million from an insurance company, costing many of its 25,000 customers their life savings. The government lists his release date as Nov. 23, 2754.
And Norman Schmidt, 73, was sentenced in Denver last year to 330 years in prison for his role in a multimillion-dollar investment scam. He's scheduled for release in September 2291.
Well as much as I don't understand "845/ 330 years in prison" sentences over "life without parole or appeal" - I guess that some ppl will get the message...
Under the line it pretty much appears to be the "remorse" of a man who was facing the fact that his entire family eventually will go down with him and by stepping forward tried to save his son's companies and reputations as well as giving his wife the chance to retain a ... well, "solid" lifestyle...
mmmmh the plot thickens...
today Bernard Madoff got a sentence for over 150 yrs in jail...
Originally Posted By: APNEW YORK – A federal judge rejected Bernard Madoff's plea for leniency Monday, sentencing the 71-year-old swindler to spend the rest of his life in prison for an "extraordinarily evil" fraud that took a staggering toll on thousands of victims.
U.S. District Judge Denny Chin cited the unprecedented nature of the multibillion-dollar fraud as he sentenced Madoff to the maximum of 150 years in prison, a term comparable only to those given in the past to terrorists, traitors and the most violent criminals. There is no parole in federal prison so Madoff will most likely die there.
"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll," Chin said.
hear hear
Originally Posted By: APHis immediately family did not attend the sentencing. But Ruth Madoff — often a target of victims' scorn since her husband's arrest — broke her silence afterward by issuing a statement through her lawyer. She said she, too, had been misled.
"I am embarrassed and ashamed," she said. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."
(...)
Madoff, who has been jailed since March, already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million that couldn't be tied to the fraud.
mmmhmmm - he scammed his own wife hasn't he?
Originally Posted By: APBefore Madoff became a symbol of Wall Street greed, he earned a reputation as a trusted money manager with a Midas touch. Even as the market fluctuated, clients of his secretive investment advisory business — from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax — for decades enjoyed steady double-digit returns.
(...)
Madoff's sentence was not the longest for a white-collar criminal. New York businessman Sholam Weiss, 55, was sentenced in February 2000 to 845 years in prison for his role in a plot that skimmed $400 million from an insurance company, costing many of its 25,000 customers their life savings. The government lists his release date as Nov. 23, 2754.
And Norman Schmidt, 73, was sentenced in Denver last year to 330 years in prison for his role in a multimillion-dollar investment scam. He's scheduled for release in September 2291.
Well as much as I don't understand "845/ 330 years in prison" sentences over "life without parole or appeal" - I guess that some ppl will get the message...
Under the line it pretty much appears to be the "remorse" of a man who was facing the fact that his entire family eventually will go down with him and by stepping forward tried to save his son's companies and reputations as well as giving his wife the chance to retain a ... well, "solid" lifestyle...
the best smiles are the ones you lead to
SILVER Member
15,417 posts
Location: South Wales
15,417 posts
Location: South Wales
Posted:
Im very happy for this.
He has ruined a lot of people's lives.
Im very happy for this.
He has ruined a lot of people's lives.
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