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Texas billionaire Stanford sentenced to 110 years in prison for $7B Ponzi scheme

by MoneyMagnetMagnate
33 replies
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Stanford gets 110 years for role in $7 billion Ponzi scheme | Fox News
  • Profile picture of the author TLTheLiberator
    Great!!!!!!!!!!!!!!!!!!!
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    • Profile picture of the author MissTerraK
      Originally Posted by TLTheLiberator View Post

      Great!!!!!!!!!!!!!!!!!!!
      TL,

      I suddenly have a craving for some Frosted Flakes, lol!

      Terra
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  • Profile picture of the author HeySal
    Unbelievable that anyone can steal that much money. Besides the US gov, that is.
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    • Profile picture of the author Aussie_Al
      Originally Posted by HeySal View Post

      Unbelievable that anyone can steal that much money. Besides the US gov, that is.

      hahahahaha
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    • Profile picture of the author seasoned
      Originally Posted by HeySal View Post

      Unbelievable that anyone can steal that much money. Besides the US gov, that is.
      A LOT of people have! HELL, look at enron and madoff! At least THS guy used a BANK!

      Steve
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  • Profile picture of the author BulletheadX
    You'd think after you'd skimmed a few hundred million you'd get yourself a new identity and disappear to enjoy your spoils.

    On another note, it's interesting to see that you can still get sentences for fraud and theft that are sometimes multiples of those for murder or rape.
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    • Profile picture of the author Daniel Evans
      Originally Posted by BulletheadX View Post

      On another note, it's interesting to see that you can still get sentences for fraud and theft that are sometimes multiples of those for murder or rape.
      Too true. Same deal here in the UK.

      Anything involving fraud - especially tax related and hell boils over whilst people are receiving suspended sentences for literally killing one another.
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  • Profile picture of the author jaegirl75
    Originally Posted by MoneyMagnetMagnate View Post

    Woo! Drama from my hometown!
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  • Profile picture of the author MoneyMagnetMagnate
    Now we just need a few empty cells for a couple of fellows from Wall Street and The Fed
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    • Profile picture of the author The 13th Warrior
      I believe Stanford's statements.

      He's a Lee Harvey Oswald.

      He may not be totally guiltless, but I know he is telling the truth, he's a fall guy to appease the masses, as the previous posts proves.

      People are satisfied with stooges and the illusion of justice and not the truth, not ALL the culprits in this fraud are going behind bars, culprits that are in in extremely high places.

      If a baby cries because he has not eaten in 3 days, put a plastic pacifier in his mouth to shut him up.

      Hang somebody, anybody, anybody is good enough.

      Worked then, works now.

      Typical Mob mentality.


      The 13th Warrior
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  • Profile picture of the author Lori Kelly
    So a guy who runs an offshore bank defrauds customers ad gets a 110 year sentence. What he did was wrong and he deserves to go to jail.

    While this very well may be one of the biggest ponzi schemes in history, there is still a matter of one of the - if the not the - biggest ponzi-type schemes in history - the mortgage crisis.

    How no one is in jail is mind boggling.
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    • Profile picture of the author seasoned
      Originally Posted by Lori Kelly View Post

      So a guy who runs an offshore bank defrauds customers ad gets a 110 year sentence. What he did was wrong and he deserves to go to jail.

      While this very well may be one of the biggest ponzi schemes in history, there is still a matter of one of the - if the not the - biggest ponzi-type schemes in history - the mortgage crisis.

      How no one is in jail is mind boggling.
      Well, stanford DID embezzle, and hurt governments. It is hard to believe that it was only 7B!

      Steve
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  • Profile picture of the author MoneyMagnetMagnate
    Just a little piece of trivia for the stew...

    The country of Liechtenstein has TWICE as many registered corporations, than they do people ...

    If you hadn't heard that before...let that simmer for a bit...:rolleyes:
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    • Profile picture of the author seasoned
      Originally Posted by MoneyMagnetMagnate View Post

      Just a little piece of trivia for the stew...

      The country of Lichtenstein has more registered corporations, than they do people...

      If you hadn't heard that before...let that simmer for a bit...:rolleyes:
      It IS a tiny country.
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  • Profile picture of the author hardraysnight
    could i do 11 years for $.7 billion please
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  • Profile picture of the author lilc800
    He got what he deserved.

    People like him really make me sick, I don't even understand why he took sure a large amount. Honestly 7 Billion is a little extreme for any to really need.
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    • Profile picture of the author seasoned
      Originally Posted by lilc800 View Post

      He got what he deserved.

      People like him really make me sick, I don't even understand why he took sure a large amount. Honestly 7 Billion is a little extreme for any to really need.
      OHHHHHHHH You didn't hear the FULL story! He didn't take 7B. I'm sure it must have been MORE than that, but HE didn't take that.

      He started a bank, for whatever reason. Starting a bank in the US is apparently complicated and expensive. So many DECADES ago some tiny countries decided to make it EASY! He wnt to one of them and opend his bank. MOST kind of sublet a bank, or even just have a maildrop there, but HE went whole hog! A local official apparently started to get a bit less lenient, so stanford bribed him. HECK, he built up the area a LOT, WITH "investor" money! So the investors lost their shirts, but Antigua LOVES him!

      Steve
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      • Profile picture of the author Kay King
        I believe Stanford's statements.
        Someone always believes these guys - that's why they are able to operate for as long as they do.

        What gets them in the end is their own greed - I hope he enjoys his new accommodations.
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        • Profile picture of the author seasoned
          Originally Posted by Kay King View Post

          Someone always believes these guys - that's why they are able to operate for as long as they do.

          What gets them in the end is their own greed - I hope he enjoys his new accommodations.
          Reread the statements. He said ONLY that stanford said the truth, NOT that he was guiltless. The examples he gave ARE true! I have a book, that stanford probabky had ALSO! I used to belong to a club HE probably did. I noted the info but never really used it. Stanford ran with it. But this is a BIG industry, and covers a LOT of nations. A FEW are even US possessions!!!!! Of course, MOST of the us possessions have been tightened up. One of the US possessions was once considered the new switzerland!

          So stanford is guilty. WOW! So are MANY others! Stanford wanted EVERYTHING, and was a US citizen, so HE was tried!

          Steve
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  • Profile picture of the author Lori Kelly
    You think this guy was the only one involved in this scam?

    And $7 billion from CD's? Something doesn't sound right. As usual, many of the facts are not available and with the low CD rate, I'm suppose to believe that millionaires use CDs for investment vehicles?
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    • Profile picture of the author Kay King
      I have no doubt others were involved. But you eat an elephant one bite at a time. "He did it, too" is not a defense.

      The real news is the law is finally beginning to put some teeth in sentences for those who run such scams.
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      • Profile picture of the author seasoned
        Originally Posted by Kay King View Post

        I have no doubt others were involved. But you eat an elephant one bite at a time. "He did it, too" is not a defense.

        The real news is the law is finally beginning to put some teeth in sentences for those who run such scams.
        They are adding a new tooth like every 3 decades or so, and THIS really took off about 3 decades ago. So that kid doesn't have many teeth!

        Steve
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      • Profile picture of the author Lori Kelly
        Originally Posted by Kay King View Post

        I have no doubt others were involved. But you eat an elephant one bite at a time. "He did it, too" is not a defense.

        The real news is the law is finally beginning to put some teeth in sentences for those who run such scams.

        I agree Kay, "he did it too," is not a defense but it's not a crime that was committed by one individual. It appears to be yet another theatrical event that is disguised to "show" the public that criminals go to jail.

        If justice is served, then anyone who broke the law should be behind bars. Just saying I doubt this guy acted alone and there were many who had a helping hand in perpetrating the fraud and were well compensated for it.
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    • Profile picture of the author seasoned
      Originally Posted by Lori Kelly View Post

      You think this guy was the only one involved in this scam?

      And $7 billion from CD's? Something doesn't sound right. As usual, many of the facts are not available and with the low CD rate, I'm suppose to believe that millionaires use CDs for investment vehicles?
      Well, they weren't for poor people! CDs are generally supposed to be SAFE! Last I knew, admittedly a while ago, foreign CDs paid 2-3 times what domestic ones did, and were tax free. So yeah, attractive!

      Steve
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  • Profile picture of the author seasoned
    As for the teeth?

    1. Closed down some possession havens, perhaps 30 years ago.
    2. Got some foreign governments to reneg on laws and contracts, to turn people in, perhaps 20 to 10 years ago,
    3. FINALLY convicted THIS guy for apparently SOME of what he did!

    They HAVE been after him a while.

    Steve
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    • Profile picture of the author MoneyMagnetMagnate
      Ex-Goldman board member Gupta convicted of insider trading - and the hits just keep on coming...

      Ex-Goldman board member Gupta convicted of insider trading - Bottom Line
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      • Profile picture of the author Lori Kelly
        Originally Posted by MoneyMagnetMagnate View Post

        Ex-Goldman board member Gupta convicted of insider trading - and the hits just keep on coming...

        Ex-Goldman board member Gupta convicted of insider trading - Bottom Line
        This is good news. But not good enough.

        You think Gupta was the only one slipping secrets?

        Goldman was one of the main players in the demise of the housing industry that led to the highest unemployment rates since the Great Depression.

        This is great that there is a prosecution for insider trading.

        I'm still waiting for the indictments to be handed down for the banks who knew they were bundling loans that would fail and there is clear evidence that they knew this because they took out insurance against the securities.

        So, while the hedge fund managers were busy selling the investments they knew were crap but yet telling investors they were low to no risk investments and no government involvement.

        The investors are suing but no criminal actions are being pursued...
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        • Profile picture of the author The 13th Warrior
          Originally Posted by Lori Kelly View Post



          I'm still waiting for the indictments to be handed down for the banks who knew they were bundling loans that would fail and there is clear evidence that they knew this because they took out insurance against the securities.

          Don't hold your breath.

          I would'nt bet my money or your family's and all your relatives money that that is going to happen..., at the very best, another peon "fall guy" may be sacrificed, if you're lucky even at that.

          For most on this thread and public at large, that is good enough.

          "Illusion" of Justice or anything equally applied is synonymous with "hope".


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          Originally Posted by Lori Kelly View Post


          The investors are suing but no criminal actions are being pursued...

          Ha, ya think???

          Most believe like the drunk, egotist captain of the Titanic, he would not believe the iceberg was close until it was inches from kissing his lips.


          The 13th Warrior
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  • Profile picture of the author Michael Ten
    Breaking laws is not worth it!
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  • Profile picture of the author hardraysnight
    $7 billion from cds?

    must be more popular than the beatles
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  • Profile picture of the author sloanjim
    So a guy who runs an offshore bank defrauds customers ad gets a 110 year sentence. What he did was wrong and he deserves to go to jail.
    Are you serious?

    Many people and small busiensses lost everything they built up over decades to his greed.....It's not victimless?

    He's a t*** of the highest order and as thick as f*** brush! Imagine running that scale of a scam from inside the U.S.A. for all that time. Arrogant B**** thought he was uncatchable. LOL Loved the pics of him beat the hell up in prison. Wonder if he is butt raped often?

    Still maintans he did nothing wrong......Well plenty of time to chew over that Alan whilst in the shoers with big momma!
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  • Profile picture of the author sloanjim
    It's like the mandoff scandal.....B*S* no-one knew it was going on etc.....Just shows it's not only C.P.A. and Int. Marekting where everyone tries to cheat and scam...where there' money..there' scams gonig on.
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