Allen Stanford Ponzi Scheme

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According to the SEC's complaint, the defendants have misrepresented to CD purchasers that their deposits are safe, falsely claiming that the bank re-invests client funds primarily in "liquid" financial instruments (the portfolio); monitors the portfolio through a team of 20-plus analysts; and is subject to yearly audits by Antiguan regulators.

Stanford speaks out on bribery allegations

http://www.caribbeannetnews.com/2003/11/28/stanford.htm

Mr R. Allen Stanford during the press briefing on Thursday
(background charts of his contributions to the economy of
Antigua and Barbuda and non-charitable organisations)
(Photo: Maurice F. Merchant)
Friday, November 28, 2003

ST. JOHN'S, Antigua: "When the elected leader of the opposition (Hon. Baldwin Spencer) accuses me of bribing two ministers of government for personal financial gains I must speak out. This has touched the very raw nerve of my body," said Texan billionaire R. Allen Stanford as he defended his decision to donate EC$100, 000 each to the constituency branches of ALP Parliamentarians Gaston Browne and Molwyn Joseph.

During a press briefing on Thursday, Mr. Stanford said that normally he would not take time to address the issue or give it a passing thought, but considering the direction in which the accusations of bribery are coming from he must speak out.

"These people (the opposition) their sole purpose is to stir up conflict which cause further conflict which is not in the best interest of the country. I have never in my life bribed or done anything illegal or unethical in my business endeavours much less so in Antigua and I will not and have not associated myself with people of that character," Mr. Stanford remarked.

Mr Stanford expressed confidence in the two ministers whom he said have been his friends for over eight years.

"I have known these gentlemen for a very long time. I have known Minister Molwyn Joseph for fifteen years and Minister Gaston Browne for eight years. Both of these gentlemen I have great confidence in and I have the same trust and value that I hope they have in me. I respect their ability, their honesty, their work ethics and their commitment to the people of Antigua and Barbuda because they love this country just as I do," he added.

The Texan financier said that the money that he personally gave to the two ministers ($100, 000 each) have nothing to do with a bribe or a land swap. He said it had to do with simply helping the people of Antigua and Barbuda.

The Opposition is accusing both ministers of accepting the money for negotiating a land swap in downtown St. John's between the government and Mr. Stanford. Both ministers have denied that they were negotiating any deal with the financier and have stated that the money is for constituency development and not their personal gain.

It was also disclosed that the Opposition Leader the Hon. Baldwin Spencer had discussion with Mr. Stanford last summer aboard his yacht and requested a sizeable contribution to support his quest for power. Mr. Stanford was unwilling to disclose the figure, but Planning Minister Gaston Browne disclosed the figure as US$2 million dollars.

During the Press Conference Mr. Stanford surprised the audience by donated once again to the ministers a further $200, 000 towards their constituency projects.

"I am trying to be a person that people hopefully think I should be but more importantly a person that I really am and not come across as a person who is angry. This has touched the very raw nerve of my body, but I have very thick skin. I am going to continue supporting charitable causes for the better lives of the people of this country at the lower part of the social and economic ladder and to that end I am going to support you Ministers Browne and Joseph and to Team City West and St. Mary's North Constituency Branches I have an additional $200, 000 each to donate," Mr. Stanford declared.

The Texan who is a citizen of Antigua and Barbuda and currently constructing a home on one of the country's offshore islands, said that he is not ashamed but very proud of everything he has done in the country. "Where others have talked and made idle promises, I have delivered. I have invested in this country," he said passionately.

Mr. Stanford also unveiled a list of the contributions he has made to charitable organisations for this year totalling $4,064,942.81. These include contributions to the West Indies Cricket Board, the Carnival Development Committee, Her Majesty's Prison, the Christ the King High School, Sailing Week and the Commissioner of Police.

In addition it was disclosed that so far for 2003 he has invested in the economy of Antigua and Barbuda $249,642,000. Salaries paid so far amounted to $41,526,000, Stanford Development Company Projects $142,992,000, and payments to sub-contractors for Antigua-based projects $65,124,000.

Mr. Stanford is the owner of a number of financial institutions in Antigua and Barbuda as well as the Antigua based airline Caribbean Star. He also owns Caribbean Sun Airlines.

http://www.caribbeannetnews.com/2003/11/28/stanford.htm