Sunday, 26 October 2014
Last updated 1 day ago
Feb 18 2009 | 1:03am ET
The Securities and Exchange Commission has charged a Texas financier and fund of hedge funds manager with defrauding investors of $8 billion.
The SEC yesterday raided the offices of R. Allen Stanford’s business and froze the assets of three of his companies. He is accused of promising big returns in investments he said were certificates of deposit, lying about their historical performance and safety.
Stanford’s whereabouts are unknown. In addition to his Houston base, he is an Antiguan knight and has a home in the U.S. Virgin Islands.
The SEC’s civil complaint, filed in Dallas federal court, also names James Davis, chief financial officer of Stanford Intenational Bank, and Laura Pendergest-Holt, chief investment officer of Stanford Financial Group.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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