Lawmakers want banks punished over massive Ponzi scheme

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Lawmakers are asking a top federal regulator to crack down on several banks connected to a mid-2000s Ponzi scheme, arguing the government hasn’t done enough to get victims compensation.

The lawmakers called on the Office of the Comptroller of the Currency (OCC) to punish several banks for holding funds for Allen Stanford, convicted in 2012 of running the second-largest Ponzi scheme in United States history.

In a letter to acting Comptroller Keith Noreika dated Aug. 8, Reps. Roger Williams (R-Texas), Bill Posey (R-Fla.), Charlie Crist (D-Fla.) and Vicente González (D-Texas) asked the OCC to update them on efforts to hold the banks accountable, compensate victims and prevent similar schemes from happening again.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



How a Canadian bank backed a billionaire fraudster

The Billionaire and the Bank
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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/

Allen Stanford’s house of cards: How TD banked the 2nd-largest Ponzi scheme in U.S. history

Allen Stanford’s con was epic. He was responsible for the second biggest Ponzi scheme in U.S. history outdone only by Bernie Madoff.

With a silver tongue and endless charisma, the brash Texan built a multi-billion dollar bank on the island of Antigua. By the late 2000s Stanford Financial Group had grown into an empire with over 21,000 clients throughout the U.S. and South America.

When it collapsed in 2009, over $7 billion in investments disappeared in what one U.S. judge would call “one of the most egregious criminal frauds ever presented to a trial jury in federal court.”

To pull off that massive scam, Stanford needed help and he found it in the most unlikely of places – the Toronto Dominion Bank in Canada………………….

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



TD missed ‘warning signs’ about notorious fraudster, lawsuit alleges

Allen Stanford, the Texas-born ex-billionaire responsible for one of the world’s largest Ponzi schemes, is serving a 110-year sentence in a Florida prison. But outside those walls, other legal battles over his massive fraud are still being waged and involve one of Canada’s largest financial institutions: Toronto-Dominion Bank.

Mr. Stanford, now 65, was once known as Sir Allen, after he was knighted in his adopted home of Antigua and Barbuda, before his title was revoked. He was supposed to be running what appeared to be a staggeringly successful private offshore bank. But in fact, he and a small group at the top of his organization were looting his Stanford International Bank Ltd., using some new investors’ money to pay returns to previous ones and living large on much of the rest.

His empire came crashing down in 2009, when his bank was exposed as a massive fraud that cost his 21,000 investors at least $5.5-billion (U.S.). But until then, he enjoyed a lifestyle worthy of a Bond villain, acquiring his own small Caribbean island for $63-million, a fleet of private jets and helicopters, and a handful of luxurious mansions that included a 57-room “castle” in South Florida, complete with a moat…………………

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



You Can’t Run a Ponzi Scheme Without a Bank: TD Bank Facing Two Canadian Trials Stemming from its Role in the Stanford Fraud

The New York Times once wrote that “You can’t run a Ponzi scheme without a bank … Banks are in a unique position to notice what is going on before the money is all gone.”[1] The Toronto-Dominion Bank (TD Bank) may now be wishing that it had heeded this warning. JPMorgan Chase probably does.

From the early 1990s until 2009, TD Bank was the primary provider of correspondent banking services to Stanford International Bank Limited (SIB), an Antiguan off-shore bank that sold certifications of deposit to thousands of investors around the world. Throughout that same period, Allen Stanford (Stanford), SIB’s chairman, perpetrated an $8 billion Ponzi scheme against SIB and its creditors. The scheme was the second largest of its kind, trailing only the scheme perpetrated by Bernie Madoff (Madoff). While Madoff was sentenced to 150 years in prison for his misdeeds, Stanford received a 110 year sentence and his scheme has given rise to litigation around the globe to recover funds for SIB’s creditors.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/