Another day… Another ponzi scheme… Another democratic donor indicted…
Billionaire Allen Stanford was indicted today on fraud charges.
Stanford was arrested in February.
The AP reported:
Texas billionaire R. Allen Stanford, whose sprawling banking empire collapsed this year, has been indicted for what prosecutors say is a $7 billion scheme to defraud investors.
Justice Department officials planned to announce the charges against Stanford, who ran Stanford Financial Group, and six others at a news conference Friday. Also indicted were three executives of the company and a former Antiguan bank regulator.
The indictment charges Stanford and other executives at his firm “would cause the movement of millions of dollars of fraudulently obtained investors’ funds from and among bank accounts.”
The firm would give money to some investors “to perpetuate the false appearance that (Stanford’s business) was financially sound,” according to the indictment.
Earlier this year dem donor Bernard Madoff was arrested for defrauding investors of over $50 billion. R. Allen Stanford was then accused of defrauding investors of $8 billion. And in March, Manhattan art dealer and dem donor Lawrence B. Salander stole $88 million from investors, collectors and artists.
Previously:
** Another Million Dollar Dem Donor Is Busted In Billion Dollar Fraud …Update: Dem Donor Linked to Notorious Mexican Drug Cartel
** Ruh-Roh… Biden Family Linked to Billion Dollar Texas Fraudster
