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Tag Archives: ponzi scheme

Lawmakers write letter to SEC chair over Stanford Ponzi scheme ruling

WASHINGTON — Members of Mississippi’s congressional delegation, including U.S. Sens. Thad Cochran, R-Miss., and Roger Wicker, R-Miss., and U.S. Reps. Gregg Harper, R-Miss., Alan Nunnelee, R-Miss., and Steven Palazzo, R-Miss., have written a letter to Securities and Exchange Commission (SEC) Chair Mary Jo White to appeal a recent ruling by the U.S. Court of Appeals regarding the Ponzi scheme perpetrated ...

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Stanford faces sentencing for $7B-plus ponzi scheme

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 investors “simply to satisfy his ...

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Charles Evans Jr. gets 20 years in prison

JACKSON — The Evans brothers were sentenced on Dec. 19 in U.S. District Court on charges of conspiracy to commit money laundering and bank fraud in what is the largest known commercial real estate fraud scheme in Mississippi history. Charles Evans Jr., 57, received 20 years in prison, and Chris Evans, 53, got 14 years. In January the brothers pleaded ...

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SEC asks court to decide on compensation to Stanford victims

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 some from Mississippi. “I would ...

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Downtown property of former Stanford exec sold

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 among several former company officials ...

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SEC: Investors should be compensated from fund

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 invested with three Stanford offices ...

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Wicker urging SEC to expedite Stanford victims' claims

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 of their life’s savings,” said ...

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

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’ trust fund but can’t yet ...

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SteadiVest probed for possible Ponzi scheme

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 has been sued by investors. ...

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NASS adopts resolution, cites Stanford report

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 legislative action. “In drafting the ...

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