Allen Stanford Case

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It was reported that the SEC had been investigating Allen Stanford and his colleagues for awhile for deceiving investors into purchasing certificates of deposits through Stanford International Bank. The SEC filed civil charges in Texas against Mr. Stanford and the individuals who had any part in this fraudulent scheme (CBSNews.com). Allen Stanford had a feeling that the SEC had caught on to him for his involvement with the certificates of deposit scheme so he tried to get a direct flight out of the United States that was headed to Antigua. He tried everything in his power to try and flee the country but was proving to be a difficult task for him. It was said that Stanford tried to obtain a private jet in order for him to flee but upon payment, the company refused his credit card and the …show more content…

Even though Stanford was at the end of the road, he still felt like he could do things his way. There were reports that Stanford walked outside to the FBI agents and wanted to see the warrant that they had out on him, it was also stated that he told the agents that if they had the warrant to arrest him, if not then he will eventually return to Texas to turn himself in (CBSNews.com). According to the SEC website, they charged Allen Stanford with “violating the anti-fraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act, and registration provisions of the Investment Company Act” (Sec.gov, “SEC Charges R. Allen Stanford”). In Allen Stanford’s Superseding Indictment, the United States District Court of Southern Texas indicted Mr. Stanford with one count of conspiracy to commit wire fraud and mail fraud, five counts of wire fraud, five counts of mail fraud, one count of conspiracy to obstruct SEC investigation, one count for obstructing SEC investigation, and one count of conspiracy to commit money laundering

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