Fraud /Antigua Bank

[RichD]

Re: Where is Stanford? SEC is clueless to whereabouts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sukuna</div><div class="ubbcode-body">It is quite unfortunate considering that we had had a not so bad image in the region behind Barbados, I guess Baldwin ruined what the Birds worked hard for* He was also the change that England wanted after years of the Birds trickery.

But both Stanford and Baldwin are the people's choice. And Baldwin is no better than his people </div></div> wasn't it lester who cultivated stanford thru the 90's

[uswe]

Re: Where is Stanford? SEC is clueless to whereabouts

Seems people were blinded by the money, the ECB were fooled. There are calls in the UK, for the chairman to resign,
its gonna hit West Indies cricket very hard. If Sir Allen's found guilty, I wonder if the Antiguan will take away his knighthood?

[evanovitch]

Stanford Presented Hypothetical Data as Actual



Feb. 18 (Bloomberg) -- Stanford Group Co. presented hypothetical investment results as actual historical data in sales pitches to clients, a former executive told U.S. Securities and Exchange Commission officials.

Michael Zarich, a senior investment officer with Antigua- based Stanford International Bank, an affiliate of the investment firm headed by R. Allen Stanford, told SEC officials in a sworn deposition dated Jan. 30 that Stanford was “misleading” in presenting its performance. Zarich ran Stanford’s investment advisory group until December 2005 before being transferred to Antigua.

“So Stanford is using the same sets of numbers under two different headings, one under Hypothetical and one under Historical?” SEC attorney Michael King asks in the deposition. “Correct,” Zarich answers.

Zarich’s deposition buttresses allegations made by investors who sued Stanford yesterday, claiming that the company knew that advertised performance results were misleading and inflated. That complaint said Stanford hired an outside expert who told the company that the inflated performance results included “unexplained ‘bad math’” that inflated reported performance results over actual performance.

Zarich said in his deposition that his testimony applied to the period when he ran the investment advisory group and refers to the performance of the company’s Stanford Allocation Strategies program, which managed mutual funds.

The SEC yesterday filed a civil lawsuit against Stanford, companies he controls and two colleagues, claiming they misled investors while selling $8 billion in certificates from an affiliated bank in Antigua. He hasn’t been criminally charged.

<span style="font-weight: bold">Whereabouts Unknown </span>

At the moment U.S. regulators don’t know Stanford’s whereabouts, according to Rose Romero, director of the SEC’s office in Fort Worth, Texas.

Stanford, a 58-year-old billionaire known for his promotion of high profile cricket matches and golf tournaments, is accused by federal regulators of a “massive ongoing fraud” at the Houston-based firm. The Stanford bank allegedly touted “improbable, if not impossible” returns while selling $8 billion in certificates of deposits to investors for more than a decade, the SEC said in a complaint filed yesterday.

Zarich’s testimony may corroborate allegations by two former Stanford brokers who sued the company last year over claims they were forced to resign for not participating in illegal activities. The brokers, Charles Rawl and Mark Tidwell, alleged the company gave clients false historical data and destroyed documents as early as last year related to sales practices.

Stanford said in court papers that the two were fired and owe the company for loans made to them.

The case is SEC v. Stanford International Bank Ltd et al, 09-cv-00298, U.S. District Court Northern District of Texas (Dallas).

[RichD]

Re: Where is Stanford? SEC is clueless to whereabouts

is your queen knight him ..the antigua gov jus recommend it.

willbe interestign to see hwo this plays out..he has pledged a lot of money to cricket.

[rufian]

Re: Where is Stanford? SEC is clueless to whereabouts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: uswe</div><div class="ubbcode-body">Seems people were blinded by the money, the ECB were fooled. There are calls in the UK, for the chairman to resign,
its gonna hit West Indies cricket very hard. If Sir Allen's found guilty, I wonder if the Antiguan will take away his knighthood? </div></div>
knowing dem, dem done a ask FBI bout reward

[uswe]

Re: Where is Stanford? SEC is clueless to whereabouts

True Richie, but the queen is just a rubber stamp, it was probably confered on him by the Antiguan GG or the British High Commissioner.

[evanovitch]

Spencer calls for solidarity


Antigua's Prime Minister Baldwin Spencer has warned that the fraud charges levelled against Texan billionaire Allen Stanford should not be seen as a matter for political exploitation.

On Tuesday US financial regulators charged Sir Allen in connection with an alleged $8 billion fraud scheme, involving three of his companies.

Sir Allen has a number of investments in Antigua, including the Stanford International Bank.

Mr Spencer said the fallout threatens catastrophic and immediate consequences.

&quot;The Eastern Caribbean Central Bank is in touch with the Bank of Antigua and the government, and is currently putting in place a contingency plan, therefore there is no need to panic.

&quot;If ever there was a reason and a time for the Antiguan and Barbudan to pull together in solidarity, that time is now,&quot; Mr Spencer said.

<span style="font-weight: bold">Government appeals for calm</span>

The French government issued another appeal for calm in Guadeloupe on Wednesday, after one man was killed in ongoing protests.

Youths shot dead a union representative and injured three police officers on Tuesday.

The demonstrations turned violent on Monday when protesters clashed with police.

Union leaders on the island said the situation was spiralling out of control and politicians fear the unrest might spread to mainland France.

A coalition of trade unions, called Collection Against Exploitation, or LKP, started the general strike last month, against the rising cost of living.

They are also demanding a $260 pay increase in the minimum wage.

<span style="font-weight: bold">Antiguans to vote</span>
Antiguans and Barbudans will go to the polls on 12 March to elect a new government.

Prime Minister Baldwin Spencer made the announcement Tuesday night in a televised address to the nation.

Nomination day is 25 February.

The two main political parties, the incumbent United Progressive Party and the opposition Antigua Labour Party, began unofficial campaigning late last year.

The Barbuda People's Movement is expected to contest the lone seat on the sister island.

[rufian]

Re: Where is Stanford? SEC is clueless to whereabouts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sukuna</div><div class="ubbcode-body">It is quite unfortunate considering that we had had a not so bad image in the region behind Barbados, I guess Baldwin ruined what the Birds worked hard for* He was also the change that England wanted after years of the Birds trickery.

But both Stanford and Baldwin are the people's choice. And Baldwin is no better than his people </div></div> wasn't it lester who cultivated Stanford thru the 90's </div></div>
Standford was never a household name until Baldwin, mind you I am a no party person. How much Lester did with him I do not know, too much a crap me na interested in, but I do know that is the Medical Benefit Scheme put Lester into hot water.
Now that Baldwin was in power it was the tune of 'Sell Out Antigua' Lester was practically against every Standford move.

[evanovitch]

Re: Where is Stanford? SEC is clueless to whereabouts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body">is your queen knight him ..the antigua gov jus recommend it.

willbe interestign to see hwo this plays out..<span style="font-weight: bold">he has pledged a lot of money to cricket.</span> </div></div>



Hundreds of depositors of the Bank of Antigua have been withdrawing their funds after bank owner Sir Allen Stanford was charged with fraud.

<span style="font-weight: bold">Branches in Antigua, Venezuela, Panama and Ecuador had to cope </span>with queues of anxious customers, reports said.

The Eastern Caribbean Central Bank urged people not to panic, saying the bank had sufficient funds.

It warned that a run on the bank would &quot;precipitate the very situation that we are all trying to avoid&quot;.

Sir Allen was charged with $8bn (£5.6bn) investment fraud by the US Securities and Exchange Commission. His whereabouts are unknown.


<span style="font-weight: bold">Antigua reacts to Stanford charges </span>
A US judge froze the assets of Sir Allen and the other defendants as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB) and another subsidiary, investment advisor Stanford Capital Management.

The Bank of Antigua is part of Sir Allen's global business interests but is separate from SIB.

A finance ministry official told Antiguan radio: &quot;Your savings are safe. Do not panic.&quot;

At one branch in the Antigua capital St John's about 600 people queued, Reuters news agency said. A similar-sized crowd was seen at another branch near the airport.


Prime Minister Baldwin Spencer said on Tuesday that the charges against Sir Allen could have &quot;catastrophic&quot; consequences for the nation, but he also urged people not to panic.

The Stanford group is the largest private employer in Antigua and Barbuda, covering financial, media and sporting franchises.

In Colombia, the local arm of the Stanford Group stopped trading on the stock exchange.

The SEC said on Tuesday that the fraud was &quot;based on false promises and fabricated historical return data&quot;.

<span style="font-weight: bold">The England and Wales Cricket Board (ECB) suspended sponsorship negotiations with Sir Allen following the fraud charges. </span>

The Stanford Group says it is worth more than $40bn, and Forbes magazine lists Sir Allen as the world's 605th richest man.

[RichD]

Re: Where is Stanford? SEC is clueless to whereabouts

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sukuna</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sukuna</div><div class="ubbcode-body">It is quite unfortunate considering that we had had a not so bad image in the region behind Barbados, I guess Baldwin ruined what the Birds worked hard for* He was also the change that England wanted after years of the Birds trickery.

But both Stanford and Baldwin are the people's choice. And Baldwin is no better than his people </div></div> wasn't it lester who cultivated Stanford thru the 90's </div></div>
Standford was never a household name until Baldwin, mind you I am a no party person. How much Lester did with him I do not know, too much a crap me na interested in, but I do know that is the Medical Benefit Scheme put Lester into hot water.
Now that Baldwin was in power it was the tune of 'Sell Out Antigua' Lester was practically against every Standford move.
</div></div> well ascordin to what i hear lester was his boy ...the relationship with baldwin was mush rockier

[evanovitch]

First-class counties demand answers from ECB over Stanford f

/REUTERS

David Collier, the embattled chief executive of the England and Wales Cricket Board, will face tough questioning from representatives of the 18 first-class counties at a meeting of the ECB executive committee on Friday morning following the board's decision to cease relations with Sir Allen Stanford.

Stanford was yesterday accused of an $8bn (£5.6bn) fraud by the US Securities and Exchange Commission, and although the counties have received £50,000 each following England's participation in the Stanford Super Series in November, there is now concern about the implications for future funding.

&quot;We've asked representations to be made at the meeting so that we can get confirmation about the implications, especially the financial ones,&quot; said the Yorkshire chief executive, Stewart Regan. &quot;No one has seen the Stanford deal. We are aware that monies are due to come in and we are keen to understand the implications for funds going forwards. We're hopeful of getting an answer.&quot;

The counties are due to be represented by Lancashire and Essex, who will ask Collier and the ECB's finance director, Brian Havill, to explain where the allegations against Stanford leave the domestic game. Funds had been expected not just from the Super Series but also from the Twenty20 Quadrangular Tournament scheduled for Lord's in May, and there were hopes that Stanford would help bankroll an English Premier League, starting in 2010.

&quot;Like everyone else, we only heard the news yesterday and we're looking for clarity on some questions,&quot; said Regan.

[evanovitch]

Confusion surrounds 'auditor' of Allen Stanford's business

guardian.co.uk,
<span style="font-weight: bold">The Antigua-based accountancy firm purportedly responsible for auditing Allen Stanford's $8bn (£5.6bn) business empire is in a state of confusion following the death of its founder last month.</span>

The firm, CAS Hewlett, is described by the US Securities and Exchange Commission as a &quot;small local accounting firm&quot;. The regulator said its efforts to make contact had been unsuccessful: &quot;The commission attempted several times to contact Hewlett by telephone. No one ever answered the phone.&quot;

Yesterday the SEC accused Stanford of perpetrating a multibillion-dollar fraud, raising questions about how the Stanford empire had been monitored.

When the Guardian tried calling CAS Hewlett today, the phone was answered promptly by an office manager, Eugene Perry. Perry said that CAS Hewlett's chief executive, Charlesworth Hewlett, died in January. When asked who had taken over managing the firm, Perry replied: <span style="font-weight: bold">&quot;At present, the company is in transition and it has not really been sorted out yet.&quot;</span>
Indeed, it is far from clear whether CAS Hewlett is still the auditor for Stanford International Bank. Perry said: &quot;That's one of the things I'm not too sure of. You see, their year end is 31st December. Mr Hewlett died on January 1st.&quot;

The website of the British Commonwealth lists CAS Hewlett as a financial services &quot;partner&quot; in Antigua. It says the late Mr Hewlett, known as Shelley, was born in Antigua in 1936. He qualified as an accountant at South West London College in 1970 after serving in the RAF and receiving a medal for active service in Cyprus.

CAS Hewlett was established 35 years ago and operates out of a prominent building, Hewlett House, on St John's Street, one of the main arteries of Antigua's capital. The firm's online blurb says its &quot;pool of consultants is vastly experienced&quot;.

<span style="font-weight: bold">When asked how many people work at CAS Hewlett, Mr Perry said this was &quot;a tough question&quot;</span> before requesting that all further enquiries be made by email.

[RichD]

Re: First-class counties demand answers from ECB over Stanford f

this guys i heavily involved with the PGA too ..his &quot;Eagles for St Jude&quot; has raised alot of money for St Judes Children s hospital.

[RichD]

Re: First-class counties demand answers from ECB over Stanford f

<span style="font-weight: bold"><span style="font-size: 14pt">Antigua opposition passes blame to government</span>
</span>
CMC

Posted: 2/19/2009 9:04:18 AM

ST JOHN’S, Antigua - The opposition Antigua Labour Party (ALP) on Wednesday sought to distance itself from the unfolding financial mess involving one of its former backers, Sir Allen Stanford, while charging that the ruling United Progressive Party (UPP) government was not without blame.

Speaking on the Bird family-owned ZDK radio, ALP Leader Lester Bird reacted to news of a probe by the Securities Exchange Commission (SEC) of the United States into the financial dealings of the Stanford Financial Group that has so far led to charges being brought against the Antigua-based Texan billionaire and other key protagonists accused of “massive” investment fraud.

The situation with Sir Allen, who is said to be at the centre of selling US$8 billion in high yielding certificates in a fraudulent scheme, has also triggered a run on the Stanford International Bank and Bank of Antigua by local depositors.

<span style="font-weight: bold">It was under the former ALP government led by Bird that Sir Allen was able to establish his footprint in Antigua and Barbuda and to acquire significant holdings -- including the two major banks -- on the island. The former government also benefited from financial support provided by the Stanford Group for several development projects.</span>

The ALP, which has been out of government here for the last five years, said it had no way of knowing how well or badly Stanford’s Bank was performing but it argues that the UPP, led by Prime Minister Baldwin Spencer, should have known better.

“The UPP will allege that Stanford was close to the ALP. But, let me remind everyone that Stanford (Sir Allen) is on record repeatedly as saying that he worked with the Government of the day, not with the ALP. Indeed, after the last election he and Spencer had a love-fest going until they fell out,” said Bird.

He further sought to distance the ALP from the current situation at the Stanford Group, saying “it is not an ALP government that has had the responsibility over the last five years to supervise and regulate Bank of Antigua; that responsibility was fully, totally and entirely in the domain of the UPP government”.

Bird insisted that that the ALP had to rely on the UPP government and its agencies, who inspected the Bank of Antigua, to tell the people of this country if there was anything wrong with Stanford’s operations.

[rufian]

Re: First-class counties demand answers from ECB over Stanfo

Ok, me see wa yu a say an yu see wa me a talk bout