Robert Allen Stanford mug shot, 2009
|Born||Robert Allen Stanford
March 24, 1950
Mexia, Texas, U.S.
|Citizenship||United States, Antigua and Barbuda|
|Education||Eastern Hills High School (1974)
Baylor University, BA, finance
|Occupation||Former Chairman and CEO Stanford Financial Group (now defunct)|
|Known for||Businessman in the financial services sector, Ponzi scheme, involvement in Stanford Super Series|
|Net worth||US$0 (2012, formerly US$2 billion)|
|Spouse(s)||Susan Stanford (separated)|
Robert Allen Stanford (born March 24, 1950) is a former prominent financier and sponsor of professional sports who is serving a 110-year prison sentence, having been convicted of charges that his investment company was a massive Ponzi scheme and fraud. Stanford was the chairman of the now defunct Stanford Financial Group of Companies. A fifth-generation Texan who once resided in Saint Croix, U.S. Virgin Islands, he holds dual citizenship, being a citizen of Antigua and Barbuda and the United States. He contributed millions of dollars to politicians in both Antigua and the United States amongst other countries.
In early 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. Securities and Exchange Commission (SEC) with fraud and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $7 billion in certificates of deposits. The Federal Bureau of Investigation (FBI) raided Stanford's offices in Houston, Texas; Memphis, Tennessee; and Tupelo, Mississippi. On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a "massive Ponzi scheme". He "voluntarily surrendered" to authorities on June 18, 2009. On March 6, 2012, Stanford was convicted on all charges except a single count of wire fraud. He is serving his 110-year sentence at United States Penitentiary, Coleman in Coleman, Florida. As of September 2014, he is appealing his conviction.
- 1 Early years
- 2 Career
- 3 Criminal activity
- 4 Knighthood and revocation
- 5 Other interests
- 6 See also
- 7 References
- 8 External links
Stanford grew up in Mexia, Texas. His father, James Stanford, is former mayor of Mexia and a member of the Board of Directors of Stanford Financial Group. His mother, Sammie, is a nurse. After his parents divorced in 1959, Stanford and his brother went to live with their mother. Both of his parents remarried.
Stanford started in business in Waco, Texas, opening a bodybuilding gym that failed. His first success in business came from speculating in real estate in Houston after the Texan oil bubble burst in the early 1980s; his partner in this venture was his father, James: the two men made a fortune in the 1980s, buying up depressed real estate and selling it years later as the market recovered. After his father retired in 1993, Stanford took control of a company with 500 employees.
Stanford moved to the Caribbean in the 1980s, first to Montserrat, then to Antigua. With Stanford Finance, he started a bank on the island of Montserrat in 1985, Guardian International Bank; he moved it to Antigua during a British crackdown on Montserrat's offshore-banking industry in the 1980s, renaming it Stanford International Bank, an affiliate of Stanford Financial.
In 2009, Antigua's Financial Services Regulatory Commission named a British firm, Vantis Business Recovery Services, the receiver for Stanford International Bank and Stanford Trust Company, the Associated Press reported.
|Robert Allen Stanford|
March 24, 1950 |
|Wire fraud, mail fraud, money laundering, conspiracy, obstruction of justice|
|110 years in prison, forfeiture of $5.9 billion, $5.9 billion civil penalty|
|Criminal status||Incarcerated at United States Penitentiary, Coleman; Coleman, Florida; scheduled release date: April 21, 2105|
|Conviction(s)||March 6, 2012|
Ponzi scheme and fraud convictions
Reports surfaced in early February 2009 that the SEC, the FBI, the Florida Office of Financial Regulation, and the Financial Industry Regulatory Authority (FINRA), a major U.S. private-sector oversight body, were investigating Stanford's company Stanford Financial Group, questioning the consistently higher-than-market returns which Stanford International Bank claimed to make for its depositors. A former executive told SEC officials that Stanford presented hypothetical investment results as actual historical data in sales pitches to clients. Stanford claimed his CDs were as safe as, or safer than, U.S. government-insured accounts. A leaked cable message from the U.S. Embassy in the Bahamas reported as early as 2006 that companies under Stanford's control were "rumored to engage in bribery, money laundering, and political manipulation". The U.S. Ambassador to the Bahamas at the time was reported to have "managed to stay out of any one-on-one photos with Stanford" during a charity breakfast event.
The SEC charged Allen Stanford with "massive ongoing fraud" centered on an eight-billion-dollar investment scheme. Stanford's assets, along with those of his companies, were frozen and placed into receivership by a U.S. federal judge, who also ordered Stanford to surrender his passport.
CNBC later reported that Stanford tried to flee the country on the same day as the raids on his headquarters: he contacted a private jet owner and attempted to pay for a flight to Antigua with a credit card, but was refused because the company would accept only a wire transfer.
FBI agents, acting at the request of the SEC, on February 19 located Stanford at his girlfriend's house near Fredericksburg, Virginia, and served him with civil legal papers filed by the SEC. Stanford was not arrested until June 18, 2009. Stanford surrendered his passport to federal prosecutors, and hired criminal defense lawyer Brendan Sullivan, known for having represented Oliver North. The SEC often files civil charges before criminal charges are filed.
Following the allegations, various governments took over Stanford's business operations. The Eastern Caribbean Central Bank (ECCB) announced that it had taken over the local operations of the Bank of Antigua (BOA) which would be renamed the Eastern Caribbean Amalgamated Bank (ECAB). The Venezuelan Government also took over the Stanford Bank Venezuela, the local branch of Stanford's bank in that nation.
On February 27, 2009, the SEC said that Stanford and his accomplices operated a "massive Ponzi scheme", misappropriated billions of dollars of investors' money and falsified the Stanford International Bank's records to hide their fraud. "Stanford International Bank's financial statements, including its investment income, are fictional," the SEC said. In an interview on April 20 at the law offices of Houston criminal attorney Dick DeGuerin, however, Stanford denied any wrongdoing. His companies had been well-run, he claimed, until the SEC "disembowelled" them.
On June 18, 2009, Stanford was taken into custody by FBI agents. According to DeGuerin:
Federal agents in black SUVs surrounded his girlfriend's house this afternoon, and just sat there. I told him to walk out and introduce himself. So he did, and he asked them, 'If you've got a warrant, take me into custody. If you don't, I'm going to Houston.' And they did, so they arrested him.
On June 25, 2009, Stanford appeared in a Houston court and pleaded not guilty to charges of fraud, conspiracy and obstruction. His lawyer claimed that Stanford had resorted to liberal alcohol intake to grapple with the strain of the proceedings.
On August 27, 2009, Stanford was admitted into the Conroe, Texas, Regional Medical Center. He was being transported from the private prison in Huntsville, Texas, to the Federal Courthouse in Houston to attend a hearing concerning his attorney, who had asked the court to be dismissed from Stanford's case. En route, Stanford complained of a racing heart.
On September 26, 2009, Stanford was hospitalized due to injuries sustained in a fight with another inmate at the private Joe Corley Detention Facility. His injuries were described as non-life-threatening.
In March 2010, SEC Inspector General H. David Kotz issued a report finding the SEC failed to uncover the Ponzi scheme perpetrated by Stanford. Because of concerns, raised by David P. Weber, former SEC Chief Investigator, of improper conduct by Kotz, Inspector General David C. Williams of the U.S. Postal Service was brought in to conduct an independent, outside review of Kotz's alleged conduct. The Williams Report questioned Kotz's work on the Stanford investigation. It found that Kotz "appeared to have a conflict of interest" when he opened and supervised the investigation, because of his relationship with a Massachusetts attorney representing Stanford's victims who, one month after starting the investigation, Kotz listed as a business reference and a "personal friend". Kotz met with her after his departure from the SEC in an effort to seek business for his new job.
Stanford's trial date was set for January 2011. However, the district judge deemed that Stanford's anti-anxiety drug addiction impaired his judgment and therefore made him unfit to stand trial.
Stanford, Federal Bureau of Prisons #35017-183, is incarcerated at the Federal Detention Center, Houston. In February 2011 Stanford issued a counter-claim of $7.2 billion of damages against the FBI and the SBC.
In May, prosecutors dropped seven charges against Stanford, leaving 14 charges ongoing.
By November 5, 2011, Stanford was being held at the Federal Medical Center, Butner, North Carolina, part of the Butner Federal Correctional Complex. Stanford's attorneys claimed that their client was unfit to stand trial due to amnesia resulting from his sustained injuries. On December 22, 2011, however, he was found competent to stand trial by a U.S. District Judge.
On January 24, 2012, Stanford entered the Houston Federal Courthouse, U.S. District Judge David Hittner presiding, and the trial began. On March 6, a jury needed only three hours to convict him for masterminding a Ponzi scheme. Prosecutors sought a sentence of 230 years in prison—the maximum permitted by law, and 80 years more than the 150-year sentence handed to Bernard Madoff—calling him "a ruthless predator" who "lived a life steeped in deceit." Stanford's lawyers pressed for a sentence of 31 to 44 months and a maximum of 10 years; the former sentence, with credit for time served, could have allowed him to walk out of prison without further jail time. According to Peter Henning of the New York Times, judges have been more willing to impose sentences for financial fraudsters that effectively amount to life sentences in recent years. The extent to which such frauds wreck people's lives, Henning wrote, amounts to "economic homicide," and such outsized sentences are a way to express society's anger at such conduct.
On June 14, 2012, Stanford was sentenced to 110 years in prison. Although it is less than half of the maximum sentence sought by prosecutors, it all but assures he will die in prison. Hittner also ordered Stanford to forfeit $5.9 billion, saying that Stanford had orchestrated "one of the most egregious frauds ever presented to a trial jury in federal court." At sentencing, Stanford spoke for the first time in the proceedings, denying that he had ever swindled anyone. Instead, he blamed his company's failure on "Gestapo tactics" by government regulators. He is currently incarcerated at Coleman II USP in Sumterville, FL; his earliest possible release is April 17, 2105.
On April 26, 2013; federal district judge David Godbey sided with the SEC in its civil suit against Stanford and ordered him to disgorge $6.7 billion--$5.9 billion in illegal profits and $861 million in interest—and pay a $5.9 billion fine. Godbey wrote that Stanford had carried out the fraud "with a high degree of scienter," or knowledge that what he was doing was illegal, over a decade.
Stanford filed a 299-page brief in September 2014 with the 5th U.S. Circuit Court of Appeals in New Orleans on his conviction.
Other business matters
The United States Court of Appeals for the Fifth Circuit, affirming much of a United States Tax Court’s ruling, found that Stanford and his wife, Susan, under-reported their 1990 federal taxes by $423,531.36. Public records suggest that Stanford may owe hundreds of millions of dollars in federal taxes. There are four federal tax liens from 2007 and 2008 against Stanford, totaling more than $212 million.
Money laundering investigation
According to the New York Times, Stanford once held a Cook Islands trust called "Baby Mama" naming his mistress and two children as beneficiaries. The trust protected proceeds from the sale of a $2.5 million Florida home, in turn deposited into Swiss and Isle of Man bank accounts.
Trademark infringement lawsuit
In 2001, Stanford said publicly that his great-great-great grandfather was a relative of Leland Stanford, the founder of Stanford University. He funded the restoration of Leland Stanford's mansion in Sacramento, California, in an effort "to help preserve an important piece of Stanford family history," and hired his own genealogists to prove he was a member of the Leland Stanford family. However, a university spokesperson said "We are not aware of any genealogical relationship between Allen Stanford and Leland Stanford", and in 2008 the university filed a trademark infringement suit against Stanford, claiming the school's name was being used "in a way that creates public confusion" and is "injurious".
Knighthood and revocation
A February 2009 Houston Chronicle article described Stanford as "the leading benefactor, promoter, employer and public persona" of Antigua and Barbuda. On November 1, 2006, Stanford was appointed Knight Commander of the Order of the Nation (KCN) of Antigua and Barbuda by the Antiguan government. Prince Edward, Earl of Wessex, joined the then Governor-General of Antigua and Barbuda, Sir James Carlisle, to make this announcement during the Silver Jubilee Independence Day Celebration. Being knighted, Stanford used the awarded title "Sir Allen" often; he was also generally referred as such by Antiguans and internationally.
In October 2009, the National Honours Committee of Antigua and Barbuda voted unanimously to strip Stanford of his knighthood, and informed the prime minister of this decision on October 26. On November 2, 2009, the recommendation was forwarded to the Governor-General, Dame Louise Lake-Tack. The order to revoke Stanford's knighthood and insignia was approved and was served upon Stanford on April 1, 2010, after the Governor-General signed the order revoking his knighthood.
Stanford created and funded the Stanford 20/20 cricket tournament in the West Indies, for which he built his own ground in Antigua. The first Stanford 20/20 Cricket Tournament was held in July and August 2006. The second tournament took place in January and February 2008 with a global television audience of 300 million. Trinidad and Tobago took first place and with it the US280k Super Series prize after defeating Middlesex on October 27, 2008.
In June 2008, Stanford and the England and Wales Cricket Board (ECB) signed a deal for five Twenty20 internationals between England and a West Indies all-star XI, with a total prize fund of £12.27m (US$20 million) to be awarded to the team that won the Championship. It was the largest prize ever offered to a team for a single tournament. This was in jeopardy after a row with Digicel, the sponsors of the West Indies cricket team, who were unhappy about sponsorship of the event. Eventually, the dispute was sorted out and the championship was won by Stanford Superstars, who defeated the England team by 10 wickets in the Twenty20 arena.
On February 17, 2009, when news of the fraud investigation became public, the ECB and WICB withdrew from talks with Stanford on sponsorship. On February 20, 2009, the ECB announced it had severed its ties with Stanford and cancelled all contracts with him. h
Stanford owned two newspaper businesses in Antigua and Barbuda and Saint Kitts and Nevis, both called The Sun. Following the scandal, both newspapers put workers on notice that their full operations would cease in April 2010.
- Caribbean Star Airlines
- James M. Davis
- Laura Pendergest-Holt
- Stanford Cricket Ground, Coolidge, Antigua
- Lozano, Juan A. (June 14, 2012). "R. Allen Stanford could face 230 years in prison for his role in $7B swindle". Lubbock Avalanche-Journal. Retrieved March 15, 2013.
- Juan A. Lozano (June 14, 2012). "Stanford gets 110 years for role in $7B swindle". Retrieved June 14, 2012.
- Boutet, Chris (February 17, 2009). "Texas business magnate Allen Stanford convicted 6th March 2012 of $7Bfraud charge". BBC News. Retrieved March 6, 2012.
- "Stanford, aides failed to appear for testimony: U.S". Reuters. February 17, 2009.
- Securities and Exchange Commission, Plaintiff v. Stanford International Bank Ltd., Stanford Group Company, Stanford Capital Management LLC, R. Allen Stanford, James M. Davis, Laura Pendergest-Holt, Defendants, case no. 3:09-cv-00298-L (U.S. District Court for the Northern District of Texas (Dallas)).
- Chidem Kurdas. Political Sticky Wicket: the Untouchable Ponzi Scheme of Allen Stanford. ISBN 1479257583.
- Ross, Brian; Joseph Rhee & Justin Rood (February 18, 2009). "Manhunt: Accused Financier Scammer Stanford Missing, Authorities say Investor Losses Could Rival Madoff Scandal". ABC News.
- Driver, Anna (February 27, 2009). "U.S. charges Stanford with massive Ponzi scheme". Thomson Reuters. Reuters. Archived from the original on March 1, 2009. Retrieved February 28, 2009.
- Bloomberg News (June 19, 2009). "Billionaire Financier Stanford Surrenders to FBI". Washington Post. Retrieved June 19, 2009.
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- Inmate Locator, Federal Bureau of Prisons
- Churcher, Sharon; Simon Parry (March 1, 2009). "Revealed: The secret of Allen Stanford's three 'outside wives'". Daily Mail (London). Archived from the original on March 2, 2009. Retrieved March 1, 2009.
- MacMillan, Robert (February 19, 2009). "Stanford's reappearance brings relief to his folks". Forbes. Archived from the original on March 3, 2009. Retrieved March 1, 2009.[dead link]
- Swartz, Mimi. "The Dark Knight." Texas Monthly. May 2009. Volume 37, Issue 5. 211.
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- Searcey, Dionne (February 20, 2009). "Stanford's Father 'Can't Believe' Claims". The Wall Street Journal. Archived from the original on February 23, 2009. Retrieved February 21, 2009.
- Matthew Goldstein (February 13, 2009). "Stanford's Failed Health Club". BusinessWeek. (In 1983, a judgment debt of $31,800 was awarded against Stanford for back rent on a failed health club in Waco.)
- Warning signs showed Stanford empire was built on 'threats and innuendos', The Guardian, February 20, 2009.
- Hipwell, Deirdre (November 2, 2008). "Profile: Allen Stanford; The Texan tycoon is throwing millions at the game from his West Indian base, but he is starting to irk the Establishment". The Sunday Times (London).
- Rickey Singh (February 27, 2007). "Spencer, Stanford in war of words". Barbados Daily Nation (newspaper).
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- "Feds Raid Stanford Financial Group Offices". WHBQ. February 17, 2009. Archived from the original on February 23, 2009. Retrieved February 17, 2009.
- Baltimore 2009.
- SEC Statement on R. Allen Stanford Charges, February 17, 2009
- SEC charges Texas financier with 'massive' fraud, Associated Press, February 17, 2009.
- Fraud case felt in Baton Rouge, The Advocate, February 18, 2009.
- "Stanford Financial Chief Tried to Flee Country: Source", CNBC, February 18, 2009.
- Elusive Financier Located Here – Billionaire accused of fraud is found in Stafford, Free Lance-Star, February 20, 2009.
- Disgraced banker found, served court papers, MSNBC, February 19, 2009.
- "Found! Accused Scammer Stanford Turns in Passport in Washington", ABC News, February 19, 2009.
- "Stanford Found in Virginia and Served Papers", Washington Post, February 20, 2009.
- "ECCB takes over Bank of Antigua" (February 22, 2009) Nation Newspaper.
- "Venezuela takes over local bank owned by Stanford" (Friday, February 20, 2009), Caribbean Net News.
- Venezuelans may have $3 billion invested in Stanford, (Thursday, February 19, 2009), Caribbean Net News.
- "New SEC Complaint Says Stanford Ran Ponzi Scheme", Wall Street Journal, February 27, 2009.
- "Disgraced Financier Arrested In Virginia", CBS News, June 18, 2009.
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- Stanford still hospitalized[dead link]
- "Shamed Texan billionaire Sir Allen Stanford in hospital after prison fight". The Guardian (London). September 26, 2009. Retrieved September 27, 2009.
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- "Stanford Hit With 110 Years". The Wall Street Journal. June 15, 2012.
- "Stempel". Reuters. 2012-06-06.
|last1=in Authors list (help)
- Henning, Peter. Viewing Financial Crimes as "Economic Homicide". New York Times, 2012-06-11.
- "Former Chief Investment Officer of Stanford Financial Group Pleads Guilty to Obstruction of Justice". US Department of Justice – June 21, 2012. Retrieved June 26, 2012.
- "Allen Stanford jailed for 110 years for $7bn Ponzi". BBC News. June 14, 2012.
- Benoit, David (June 14, 2012). "Allen Stanford Sentencing: The Arguments From Both Sides". wsj.com. Retrieved March 15, 2013.
- "Allen Stanford Gets 110 Years for Orchestrating $7 Billion Investment Fraud Scheme". US Department of Justice. June 14, 2012.
- Harris, Andrew (2013-04-26). "Allen Stanford Told to Disgorge $6.7 Billion in SEC Case". Bloomberg News.
- Lindenberger, Michael and Waas, Murray. Allen Stanford files 299-page appeal of his 110-year sentence. The Dallas Morning News. October 4, 2014. Retrieved October 5, 2014.
- Matthew Goldstein (February 13, 2009). "Stanford's Failed Health Club". BusinessWeek.
- "Disgraced banker Stanford didn't pay his own taxes", Associated Press, February 18, 2009.
- "Charges Against Stanford a Long Time Coming, Offshore Banking Experts Say – Accused Financier Under Federal Drug Investigation", ABC News, February 19, 2009.
- Wayne, Leslie. Cook Islands, a Paradise of Untouchable Assets, The New York Times, 14 December 2013, accessed 27 December 2013.
- Stanford Wielded Jets, Junkets and Cricket to Woo Clients, Bloomberg, February 18, 2009.
- "Two knights of honour". Caribbean360. Retrieved March 8, 2012.
- Tolson, Mike and Dane Schiller. "Stanford's life—brash, cash, a dash of flash". Houston Chronicle. February 21, 2009. Retrieved on February 22, 2009.
- Staff writer (April 4, 2010). "KNIGHT NO MORE: Antigua revokes Stanford's honour". Caribbean News Agency. Archived from the original on April 23, 2010. Retrieved April 4, 2010.
- "Stanford Super series gets go-ahead – but who is Allen Stanford?". October 13, 2008. Archived from the original on December 9, 2008. Retrieved November 3, 2008.
- Jamie Lillywhite (October 28, 2008). "Middlesex denied in Champions Cup". BBCSPORT. Retrieved January 1, 2010.
- "England bag £50m Twenty20 bonanza". BBC SPORT. June 11, 2008. Archived from the original on February 8, 2010. Retrieved January 1, 2010.
- "Stanford Superstars win US$20 million jackpot". Stanford 2020. November 1, 2008.
- "US tycoon charged over $8bn fraud". BBC News. February 17, 2009. Retrieved January 1, 2010.
- "Cricket: ECB suspend talks with Stanford over fraud accusation". AFP. February 17, 2009.
- England and Wales Cricket Board ends contract with Allen Stanford, Associated Press, February 20, 2009.
- ".". Antigua Sun Newspaper. Retrieved March 15, 2013.
- "St. Kitts Sun Newspaper". Sunstkittsonline.com. Retrieved March 6, 2012.
- Staff writer (April 17, 2010). "Stanford company to close 2 Caribbean newspapers". Business Week. Associated Press. Archived from the original on April 22, 2010. Retrieved April 18, 2010. "Two Caribbean newspapers owned by jailed Texas financier Allen Stanford were ordered closed because of financial constraints. The Antigua Sun has operated for 13 years, and the Sun St. Kitts and Nevis nearly six years."
- Allen Stanford – Personal Web site (site inoperative as of June 19, 2009; see archive at the Wayback Machine)
- "Billionaire Summit: Allen Stanford (video)". CNBC. Retrieved February 17, 2009.
- SEC website with details of Stanford case
- The Eastern Caribbean Central Bank regarding Stanford's bank in Antigua
- The Stanford Ponzi Scheme: Lessons for Protecting Investors from the Next Securities Fraud: Hearing before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House Of Representatives, One Hundred Twelfth Congress, First Session, May 13, 2011