Stanford International Bank: Ponzi Scheme Stopped by Bloggers
Stanford International Bank was a Ponzi scheme. The SEC investigated Stanford International Bank for three (count 'em, three!) years. Nothing happened. Finally some bloggers decided to do some research.
HOUSTON (Reuters) - Federal agents entered the Houston office of Stanford Financial Group on Tuesday, according to a Reuters eyewitness on the scene.
About 15 people, some wearing jackets identifying them as U.S. marshals, entered the lobby of Stanford's office in the Houston Galleria area, the eyewitness said.
Houston-based Stanford Financial Group, which says it oversees more than $50 billion of assets, is being investigated by U.S. regulators, according to a person familiar with the matter.
More here. The Keystone Cops at the SEC, after epically failing for three years, are finally "stopping" this fraud:
Stopping what it called a “massive ongoing fraud,” the Securities and Exchange Commission on Tuesday accused Robert Allen Stanford, the chief of the Stanford Financial Group, of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.
What a joke. Once the work hit the streets that Stanford Financial Group was a scam, people demanded the return of their money. The free market killed Stanford. The SEC has stopped nothing.
It took bloggers less than 3 weeks to do what the SEC couldn't do in 3 years. It's time to abolish the SEC.
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