Saturday, January 25, 2020

Last Stanford Bank conspirator pleads guilty in $8b Ponzi scheme

The last conspirator in the Stanford International Ponzi fraud pleaded guilty to taking bribes to hide the scheme from U.S. and Antiguan investigators. Leroy King admitted that he accepted $500k in cash, tickets to two Super Bowls and trips on swindler R. Allen Stanford’s private jets while head of Antigua’s Financial Services Regulatory Commission.
Stanford, a former insurance salesman from rural Texas insisted his businesses were legitimate. The Stanford scam was second only to Madoff’s in size, involving 8b in fraudulent certificates of deposit. Unlike victims of Bernie Madoff, 18,000 customers of fraudster R. Allen Stanford have recovered practically nothing, 5 cents on the dollar.

Now 68, Allen Stanford is serving a 110-year sentence at a high security prison in Florida.