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Tag Archives: ponzi

Jury clears way to go after Stanford's foreign bank accounts

HOUSTON, Texas — A Texas jury cleared the way yesterday for U.S. authorities to go after $330 million in stolen investor funds sitting in frozen foreign bank accounts controlled by convicted Ponzi schemer R. Allen Stanford. The jury, which convicted the former tycoon on 13 of 14 fraud-related counts earlier this week, found there to be sufficient evidence that the ...

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Stanford's Ponzi scheme trial to begin today in Texas

HOUSTON, Texas — Texas financier R. Allen Stanford built a vast fortune through his network of banks and other businesses in the U.S., Latin America the Caribbean, and led a lifestyle befitting a billionaire business magnate. Once considered one of the U.S.’s wealthiest people, with an estimated net worth of more than $2 billion, Stanford snatched up luxury homes and ...

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Texans face prison for Ponzi scheme involving ex-NFL player

SAN ANTONIO, Texas — Two people in South Texas face up to 18 years in prison over a Ponzi scheme involving ex-NFL player T.J. Slaughter and other investors. Alan Keith Nelsen and Mary Alice Monteza pleaded no contest in San Antonio to setting up a fake international investing firm. Slaughter in 2009 filed a complaint about losing $150,000 to Castro ...

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SEC decides to compensate Stanford fraud victims

WASHINGTON — The Security and Exchange Commission (SEC) has decided to compensate Stanford Group Company (SGC) victims, stating that people who invested money through SGC are entitled to protection by the Securities Investor Protection Corporation (SIPC). The SEC said it would formally ask SIPC to institute a claims process, according to Sen. Roger Wicker (R-Miss.) “Many in Mississippi lost their ...

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Goldman Sachs to pay record $550M to settle charges

WASHINGTON — Resolving a high-profile government case linked to the mortgage meltdown, Goldman Sachs & Co. has agreed to pay a record $550 million to settle civil fraud charges that it misled buyers of complex investments. The Securities and Exchange Commission announced the settlement yesterday with the Wall Street titan, just hours after Congress gave final approval to legislation imposing ...

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