DealZone

Allen Stanford: Fraudster or just “Crazy for Cricket”?

February 18, 2009

Texan billionaire Allen Stanford says the English cricket authorities need to have a new Twenty20 league in place within two years or they risk "missing the boat" during an interview with Reuters on May 1, 2008 in Miami.

Allen Stanford’s financial empire is in chaos after the SEC charged that he and his partners were perpetrating a “massive” fraud, but only four months ago things appeared much sunnier, at least in a glowing Forbes profile that described his investment strategy as “sure and steady.”

The profile, “Crazy for Cricket,” was part of the Forbes 400 ranking of the richest Americans (Stanford was #205). It outlines his goal of competing within five years with the likes of UBS and Wachovia — although to be fair, the former company has had its own problems and Stanford managed to outlast the latter.

An exodus of wealth advisers is already under way, says Stanford, as writedowns and layoffs mount at those firms. In a single week in August, he says, his new Richmond, Va. office hired ex-UBS employees with clients representing $1 billion in assets. “There are a lot of deals to be made in financial services–banks, brokerages, trusts,” he says. Another industry he’s eyeing is desalination plants in developing countries like China: “We’re very bullish on making a lot of money on water in the next 20 years.”

The article also has some colorful details on Stanford Financial employee requirements — all were required to “wear a golden Stanford eagle pin at all times” — and Stanford’s religious beliefs:

Then there’s the rumor that Stanford carries around a vial of blood drawn from a Catholic priest with stigmata–Christ-like wounds. Not quite true. But one night in 1993 a friend called him up and asked if he could borrow a plane to fly an injured priest to New York for medical treatment. According to Stanford, the priest had scars on his hands and feet and oil gushing from his wounds. He remembers touching his head to the priest’s and experiencing a “life-changing” surge that strengthened his faith in God. The priest survived, but Stanford has lost touch with him.

Read more of Reuters coverage of Stanford here.

Comments
11 comments so far | RSS Comments RSS

How about fraudster AND crazy for cricket?

Posted by Nic Fulton | Report as abusive
 

For some reason, Stanford’s ego (and overconfidence) reminds me of Bernie Ebbers (Worldcom). I don’t know that he intentionally planned for fraud, but I think he got in over his head — like so many before him — and couldn’t acknowledge to himself or others that he was failing. My guess is he was working a cover-up vs. a Madoff style scheme from the outset. But maybe I’m wrong….

Posted by Etherialgirl | Report as abusive
 

And we have the nerve to call Nigerians fraudsters?

Posted by John Maesk | Report as abusive
 

The man is a crook.He purpoesly defrauded the investors.This was not by chance,it was by design.It is all based on the Republicans deregulation.ExPres GWBush brought this on all of us.7 years of deconstructing the rules and regulations that manage this country.All with the help of the Republican controled Congress to help their republican rich friends become richer.ExPres GWBush and exVicePres Cheney should be prosecuted for crimes against the USA.I don’t give a damn about the rest of the world but the harm that those two and their collaborators (Republicans in Congress and in Government in general) have done is criminal.Pres Clinton was almost impeached for lieying and Pres Nixon had to resign but exPres GWBush lied to the uSA about WMD in Iraq and nobody does anything about it.It is criminal what he did and what we are not doing anything about.The american people will pay for this and it has just began.

Posted by Oscar | Report as abusive
 

I have studied this dude for some time and he sure is slick. I have a hard time trying to imagine that he has fooled so many college educated and very influential people around the globe. He and his company are up there with Enron, WorldCom, Tyco, Merrill Lynch and the Keating Five scandal in my book. I don’t really invest and the older I get I see why the american financial landscape is collapsing. Is there anyone in finance that can be trusted? Greed is ruining us at an alarming rate and all we can do is sit by and watch. If you visit his website you will see it is filled with key corporate buzz words and he wants all of us to think he is giving back by sponsoring St Jude and other charities. Your not fooling me you idiot.

Posted by Tommy | Report as abusive
 

These guys work with money and regulations for a living, so Stanford knows the rules very well. With all his 100s of millions, he has no justification for cheating. If the business was having problems, a decent man would have faced it honestly and been content with a few hundred million instead the $2B he originally had, or thought he could get. How hard is that? No excuses. This guy is an out and out criminal.

Posted by Mike | Report as abusive
 

Right on John Maesk, this proves the fact that there’s fraud perpetrated by peoples of all clime

Posted by Tolu Osaigbovo | Report as abusive
 

This is finally starting to make sense. Allen Stanford is listed as one of two owners of Elandia according to SEC filing. It appears that Allen Stanford has a merry band of thieves that operate in true “Stanford form”.This story is getting better by the minute. I didn’t realize just how far back Stanford goes. The Elandia SEC filing shows him as major shareholder with Kelton.According to a SEC filing, Allen Stanford forced Sydney Trip Camper to resign from Elandia a few years back when a money deal went bad.Petty minions like Sydney Donald “Trip” Camper are part of this network of scammers. According to the SEC filing, Trip Camper was forced to resign from Elandia by Stanford himself a few years back because a deal went bad with a certain Mr. Ahkoy (see link below to see letter to board of directors). As any good con would do, Mr. Camper immediately moved on to another state, to his next victim – a privately owned “OTC” company.After a promise to take the company public, a free trip to London with his friends, a company American Express Credit Card, and thousands of dollars later, Mr. Camper managed to illegally get shares of the company stock signed over to himself and his partner in crime, Edward Berkhof.Eventually these dime store thugs performed a hostile takeover that was so illegal that only now do I understand the big picture and the history of their PONZI schemes – Sir Allen Stanford! Their m.o. is to use private monies to attract more loans – this is how they avoid the law.Because they’re actually using this loan money to payroll themselves and pay their creditors, the juggling act catches up to them!Well Sir Allen Stanford is now in the hands of the FBI and I can’t wait to see the rest of his cronies get nabbed. It should be a good show.Funny thing is Mr. Camper continues to boldly list The Stanford Group as a “reference” on his curriculum vitae! LMAOMr. Camper also lists Danny Bogar, President of Stanford Group Holdings as a reference. NOTE: If anyone is looking to get taken by Mr. Camper, ummm, don’t bother calling Mr. Bogar because he’s on his way to the big house too! Mr. Camper better pack a bag just in case.Interesting links below.http://www.secinfo.com/d14D5a.v6Q9 8.c.htmhttp://www.secinfo.com/d14D5a.v5F xp.c.htmhttp://fsmprint.wordpress.com/20 09/06/24/trip-camper-chairman-of-wealth- management-committee/http://fsmprint.wor dpress.com/2008/11/13/trip-camper/

Posted by gerald | Report as abusive
 

Funny thing is Mr. Camper continues to boldly list The Stanford Group as a “reference” on his curriculum vitae! LOLMr. Camper also lists Danny Bogar, President of Stanford Group Holdings as a reference. NOTE: If anyone is looking to hire – or get taken by Mr. Camper, ummm, don’t bother calling Mr. Bogar for a reference because he’s on his way to the big house.In fact, Mr. Camper may want to pack an overnight bag just in case. Interesting links below.http://www.secinfo.com/d14D5a.v6Q9 8.c.htmhttp://www.secinfo.com/d14D5a.v5F xp.c.htmhttp://fsmprint.wordpress.com/20 09/06/24/trip-camper-chairman-of-wealth- management-committee/http://fsmprint.wor dpress.com/2008/11/13/trip-camper/

Posted by gerald | Report as abusive
 

INVESTORS BEWARE OF FLORIDA PONZI SCAMMERS!!!! Recent articles state that “FMC Telecom is adding SMS to the company fold”. This is nothing but MORE name-dropping and empty technology dribble to form ANOTHER “shell” holding company for Florida Ponzi schemer Ed Berkhof. Who does he think he is? Bernie Madoff? Allen Stanford? Florida Ponzi schemer, Ed Berkhof and fellow Ponzi schemer, Sidney D. “Trip” Camper used name dropping, donations to St. Jude’s, stamped passports, and falsified tax documents to gain trust and get private investors to hand over thousands of dollars in cash, company paid trips to England, and ultimately control of their company. Ed berkhof is NOT a president or COO of anything – Ed Berkhof is a third rate bass player looking to bully another victim into giving him money so he can pay his creditors = PONZI. His fellow scammer, Trip Camper was fired from Elandia by Allen Stanford when they were busted for cheating the Ahkoy family business of investment money. Google “SEC Trip Camper Elandia resignation letter” . FMC Telecom founder Frank Cassidy is either a NEW partner in crime for Ed Berkhof OR he is simply ANOTHER victim fallen prey to Ed Berkhof’s web of lies and empty promises to “take a company public”. The FBI has nabbed Allen Stanford and is now looking for the rest of Allen Stanford’s den of investment scammers like Sidney “Trip” Camper and Edward Berkhof. Don’t let this happen to you.

Posted by sirgerald | Report as abusive
 

It looks like SirGerald has a personal vendetta against Sidney Camper & Ed Berkhoff as he is constantly taking advantage of any article on Stanford in any publication to repeatedly make accusations against the above referenced people, which I have not heard from before, and still do not see any relevant comments or articles against them. Very interesting SirGerald?????

Posted by Bocares | Report as abusive
 

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