R. Allen Stanford, the Texas businessman and con artist accused of orchestrating a massive $7 billion Ponzi scheme that defrauded thousands of investors out of their money, is still hospitalized following a fight in a federal detention facility in Conroe. Stanford was hospitalized for what were described as minor injuries.
 
According to a U.S. Marshals Service spokesman, Stanford could be back in jail as soon as Monday. The fight occurred at 10 a.m. on Thursday at the Joe Corley Detention Facility and officials have not yet released why the fight started. Only Stanford was taken to the hospital, while the other …read more

Following in the shameful footsteps of criminals like Bernard Madoff and R. Allen Stanford, a Brooklyn money manager was arrested today and charged with running a $40 million classic Ponzi scheme. Among those affected are many retirees, several of them losing their life savings to the scheme that Philip Barry has run since the 1970s.
 
Officials in charge of investigating the case have revealed that Barry originally tried to invest the money legitimately, putting some of it into real estate investments that never became profitable and some into the pornography industry. Since then, Barry conned hundreds of people into giving them …read more

According to R. Allen Stanford’s lawyer, the man accused of orchestrating a massive $7 billion Ponzi scheme is still in the hospital undergoing tests related to a rapid heartbeat. The 59-year-old Texan has been held in custody since mid-June and was released to head to the hospital when his heart rate shot up to 300 beats per minute.
 
Today marks Stanford’s third day of hospitalization due to, as his lawyer claims, the prison not allowing Stanford, who suffers from high blood pressure, access to the medication he requires. He will undergo a test that will measure blood flow into his heart.
 
Nobody …read more

Texas billionaire R. Allen Stanford was recently accused of fraud through the creation of an enormous Ponzi scheme and despite his best attempts, he will remain in jail until his Texas trial. Stanford attempted to appeal the ruling that would have him stay in jail, but the 5th U.S. Circuit Court of Appeals in New Orleans has upheld a ruling that classifies Stanford as a flight risk.
 
Along with four executives of the now-defunct Stanford Financial Group, Stanford has been accused of collecting billions of dollars of investors’ money, paying off investors with the money collected from other victims, and then …read more