Allen Stanford Ponzi Scheme

[scion]

Stanford Colombian Brokerage Unit to Deregister From Exchange

By James Attwood
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=axwbrt_7TmlQ

Feb. 18 (Bloomberg) -- Stanford International Bank Ltd's Colombian brokerage unit will deregister from the country's securities exchange after the firm was accused of fraud in the U.S.

Stanford SA Comisionista de Bolsa only will be able to complete pending market operations and arrangements, Colombia's financial regulator wrote in an e-mailed statement today.

The regulator is undertaking a "strict tracking" of the firm's activities to protect clients and investors and maintain market confidence, it wrote. On Feb. 16, the unit boosted its capital by $3 million, according to the statement.

The U.S. Securities and Exchange Commission yesterday accused R. Allen Stanford of running a "massive, ongoing fraud" through his Houston-based Stanford Group. Co., while selling $8 billion in certificates issued by an affiliated bank in Antigua. Stanford also has offices in Venezuela, Mexico, Ecuador, Peru and Panama.

To contact the reporter on this story: James Attwood in Santiago at [e-mail]
Last Updated: February 18, 2009 07:34 EST

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=axwbrt_7TmlQ