Yet Another Billionaire Charged with Fraud

It is the kind of news that investors all around the world dread: Allen Stanford, founder and chairman of the Stanford Group, an entity that took in billions of dollars worth of private investments, has been charged with fraud. His investors, including some outside of the United States, have started referring to him as a scam artist on the level of Bernie Madoff.
 
Stanford’s business had been in sharp decline since February, when regulators started accusing him of perpetrating massive fraud, but now that he has been indicted on fraud, conspiracy, and obstruction charges, Stanford faces significant legal punishment. Those who …read more