Another Multi-Billion Dollar Fraud

[Richard Warren]

It looks like the Madoff scheme, although huge, was just the tip of the iceberg.

This one ripped off a cool $8 Billion:
http://news.yahoo.com/s/ap/20090217/ap_on_bi_ge/stanford_sec_charges

The sour economy is going to expose more and more of these scams.

:cool:

[James Hiddle]

The face of an honest man :roll:

[Richard Warren]

The scammer has been located in Virginia.

http://news.yahoo.com/s/ap/20090219/ap_on_re_us/stanford_sec

:cool:

[Jenny F.]

i JUST saw that on FBN! Apparently the FBI reported that he is "depressed".

[James Hiddle]

Originally posted by Jenny F.:

i JUST saw that on FBN! Apparently the FBI reported that he is "depressed".

LOL ah poor poor baby :roll:

I hope he goes to prison for this.

[Joseph M.]

So now we know how billionaires are made in the world of finance!

[Richard Warren]

Update on this story:

Chief investment officer for Stanford Financial Group arrested by FBI on obstruction charge.

http://finance.yahoo.com/news/FBI-arrests-Stanford-apf-14487881.html

:cool:

[Harrison Painter]

As the dominos keep falling, there will be many more of these folks brought forward over the next couple of years.

[Joshua Dorkin]

Here's a story that the media has buried related to the Stanford scheme:

Vice President Joe Biden's brother and son are linked:
Biden