Stanford Financial Group
| Stanford Financial Group | |
|---|---|
| legal form | Privately owned |
| founding | 1932 |
| resolution | February 17, 2009 |
| Reason for dissolution | Receivership |
| Seat | Houston , Texas USA |
| management | Robert Allen Stanford |
| Branch | Financial services, asset management |
The Stanford Financial Group is an American financial services company founded in 1932 and headquartered in Houston , Texas. The group of companies managed the assets of around 30,000 customers from over 130 countries with a total value of around 50 billion US dollars. The owner, chairman and CEO of the group was the now multi-billionaire Sir Robert Allen Stanford , who was sentenced in June 2012 to 110 years in prison for investment fraud running into billions.
history
Lodis Stanford founded the first Stanford company in the central Texas city of Mexia in 1932 and thus laid the foundation stone for the company. Allen Stanford was the fifth generation owner of the now grown Stanford Financial Group of Companies with a worldwide customer base. Allen Stanford has had a successful real estate business since the early 1980s, and the family business expanded into a global asset management and financial services company.
structure
The core companies of the Stanford Financial Group are:
- Stanford Capital Management : Investment Advisory, Houston
- Stanford Group Company , investment broker, Houston
- Stanford International Bank , founded in Montserrat in 1986 under the name Guardian International Bank, Allen Stanford relocated to Antigua . The bank's investment activity is controlled by a body made up of Allen Stanford, his father, Laura Pendergest-Holt, who is chief investment officer of the Stanford Financial Group, the bank’s chief financial officer James Davis (a school friend of Allen Stanford), and one Residents of the Texan town of Mexia (by profession cattle keepers and car dealers).
- Stanford Trust Company : Asset Management
Investigations into suspected fraud
On February 16, 2009, the company was judicially placed under external supervision on suspicion of fraud. The next day, the case was handed over to the SEC , which had since brought charges. The assets of the group and the owner were temporarily "frozen" and payments to customers were stopped. It was suspected that the group had promised unrealistic profits, was masking this with a pyramid scheme , and had misrepresented its financial situation (affected by losses from deals with Bernard L. Madoff ). This is said to have caused the customer damage of possibly more than 8 billion US dollars.
According to media reports, the FBI is also investigating possible links between Allen Stanford and the money laundering operations of Mexican drug lords. Because of the turmoil at Stanford International Bank (SIB), the Venezuelan government took control of Stanford Bank Venezuela after savers became concerned and withdrew their money from the bank.
On June 19, 2009, Stanford surrendered to the police. On June 14, 2012, a court in Houston, Texas, sentenced him to 110 years in prison on charges on which he was charged.
Web links
- Stanford Financial Group website. Archived from the original on April 11, 2008 ; accessed on February 21, 2015 .
- Stanford Financial Receipts website
- Stanford Financial Group In: The New York Times . (Reports)
Individual evidence
- ↑ US authorities accuse financial provider Stanford of fraud. on de.reuters.com, accessed on February 21, 2015.
- ↑ The financial empire of Allen Stanford ( Memento from February 21, 2015 in the Internet Archive ) In: Wirtschaftsblatt. February 18, 2009, accessed February 21, 2015.
- ^ Securities Exchange Commission: SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme , February 17, 2009
- ↑ a b Stanford Financial Group ( Memento of the original from February 21, 2015 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. on publicintelligence.net, accessed on February 21, 2015 (detailed description of the company and its processes).
- ↑ Caracas takes control of Stanford Bank. In: derStandard. February 19, 2009, accessed February 21, 2015 .
- ↑ Billion fraudster Stanford faces the police In: Die Welt. dated June 19, 2009, accessed June 14, 2012.
- ↑ 110 years imprisonment for US investor Allen Stanford. In: Der Spiegel . dated June 14, 2012, accessed June 14, 2012.
