Fraud

Robert Allen Stanford was a former prominent financier located in Houston, TX and a sponsor of professional sports, who is serving a 110-year prison sentence having been convicted of charges that his investment company was a colossal Ponzi device 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 (www.boardsource.org) . In ill-timed 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. Securities and alter Commission (SEC) with fraud and multiple violations of U.S. securities laws for alleged large-minded ongoing fraud involving $7 billion in certificates of deposits. The U.S. Securities and counterchange Commission (frequently abbreviated SEC) is a federal agency which holds un make outd obligation for enforcing the federal securities laws and regulating the securities industry, the nations stock and options exchanges, and other electronic securities markets in the United States (http://www.sec.gov/). On February 27, 2009, the SEC amended its ill to drag the alleged fraud as a massive Ponzi strategy.

On March 6, 2012, Stanford was convicted on all charges exclude a single count of wire fraud. Average lampoon perpetrator Stanford fit the average fraud perpetrator by conditioned deception he made to his investors for personal gain make them believe he was investing their money, so they would have a return on their investment in the future, instead create damage to an! individual because the money was lost. Some potential investors had not bought the assertion that Stanford Financial was a global investment juggernaut, in particular those who did due diligence on the Internet and assemble references to foregoing SEC fines, deposits by drug cartels, the absence of a well-known auditing firm or a...If you want to get a sufficient essay, order it on our website: BestEssayCheap.com

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