Mississippi Business Journal » ponzi scheme

Stanford faces sentencing for $7B-plus ponzi scheme

Associated Press — Thu, 14 Jun 2012 15:00:43 +0000

HOUSTON, Texas — If federal prosecutors have their way, former jet-setting Texas tycoon R. Allen Stanford could receive a prison sentence that spans two centuries for bilking investors out of more than $7 billion over two decades in one of the largest ponzi schemes in U.S. history. Calling Stanford a “ruthless predator” who stole from [...]

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SEC asks court to decide on compensation to Stanford victims

MBJ Staff — Thu, 15 Dec 2011 12:51:43 +0000

WASHINGTON — The Securities and Exchange Commission (SEC) has asked a federal court to determine whether the Securities Investor Protection Corp. should provide compensation to victims of a Ponzi scheme perpetrated by the Stanford Group. Sen. Thad Cochran (R-Miss.) has supported efforts to have the SEC and SIPC address the losses incurred by investors, including [...]

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Downtown property of former Stanford exec sold

Associated Press — Thu, 01 Sep 2011 16:53:52 +0000

BALDWYN — Earl Stone was the lone bidder for seven downtown Baldwyn properties once belonging to James Davis, the former CFO for the defunct Stanford Financial Group. The Northeast Mississippi Daily Journal reports Stone paid $155,000 for the properties. Stone says he hopes the properties will be used to help reinvigorate the area. Davis is [...]

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SEC: Investors should be compensated from fund

Amy McCullough — Fri, 17 Jun 2011 20:18:51 +0000

HOUSTON — The U.S. Securities and Exchange Commission has said that many investors who lost money in the alleged Ponzi scheme run by jailed Texas financier R. Allen Stanford should be compensated by a special reserve fund mandated by Congress that protects customers of failed brokerage firms. Mississippians had a total of about $391 million [...]

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Wicker urging SEC to expedite Stanford victims’ claims

For the MBJ — Mon, 21 Mar 2011 21:31:34 +0000

WASHINGTON — U.S. Sen. Roger Wicker (R-Miss.) has sent a letter to Securities and Exchange Commission (SEC) chairman Mary Schapiro outlining Wicker’s concerns with the SEC’s review of the Stanford ponzi scheme. Wicker was joined by 52 other Senate and House members. “Many of the victims of Allen Stanford’s fraud lost most if not all [...]

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Banks try to force Evans into Chapter 7; still searching for trust account

Amy McCullough — Wed, 31 Mar 2010 16:15:06 +0000

Creditors in the Evans brothers commercial real estate fraud case are still trying to get information on the funds of Charles Evans Jr., and Evans continues to stall them. Creditors were informed on Monday that Charles would not show up for a deposition that was scheduled for Tuesday. The parties have obtained information on Charles’ [...]

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SteadiVest probed for possible Ponzi scheme

Associated Press — Tue, 23 Feb 2010 14:50:34 +0000

PEARL — Owners of a Pearl securities firm have until Friday to respond to a secretary of state’s cease and desist order that alleges the company operated illegally. The secretary of state’s office alleges SteadiVest, LLC, operated an illegal Ponzi scheme. Fines could be up to $25,000 for each offense. The Clarion-Ledger reports SteadiVest also [...]

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NASS adopts resolution, cites Stanford report

Wally Northway — Wed, 03 Feb 2010 12:21:58 +0000

JACKSON — The National Association of Secretaries of State (NASS) has adopted a resolution proposed by the secretaries of state in Mississippi and Nevada that calls for the need for securities reform and uses the Stanford Financial Executive Report to supplement its findings. The resolution will be sent to each member of Congress for possible [...]

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Stanford hearing, report touted

Wally Northway — Fri, 18 Dec 2009 12:39:56 +0000

JACKSON — A hearing held in Jackson back in October and a subsequent state report concerning the Stanford Financial scandal are being touted by secretaries of state around the nation as proof there needs to be more securities and investment regulations on the state level. In response to the Stanford Financial scam that affected many [...]

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‘We got robbed the day we retired’: Victims talk about Stanford debacle

Amy McCullough — Tue, 06 Oct 2009 14:25:01 +0000

Troy and Melanie Lillie of Maurice, La. lost their life’s savings in the Stanford Financial Group Ponzi scheme. “We got robbed the day we retired,” Melanie Lillie said in a post-hearing interview at the state Capitol Monday in Jackson. Her husband worked for Exxon Mobil in Baton Rouge for 29 years before retiring and instantly [...]

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