Allen Stanford: going down

'Sir' Allen Stanford has been convicted in the USA of 13 criminal counts relating to his failed Stanford Financial Group of companies based in Texas and the Caribbean.

It was alleged that he was engaged in a multi-billion pound ponzi fraud.

Cricket fans will remember his sponsorship of 20/20 international cricket tournaments.  Accountants in the UK may remember the ill-fated liquidation of Stanford International Bank by Vantis.

So, another one bites the dust!  He will be sentenced later (he has been in custody awaiting trial since 2009) and there will be further proceedings related to seizure of assets.

David

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b.clarke's picture

Another one bites the dust, indeed

b.clarke | | Permalink

David,

As you're not based in London, you may not have seen this in the Evening Standard yesterday.

http://www.thisislondon.co.uk/news/crime/exposed-crooks-who-owe-britain-...

Maybe these characters are simply counting on being let out eventually, to enjoy their profits.

 

 

davidwinch's picture

A similar news story

davidwinch | | Permalink

Funnily enough a similar news story was run by 'The Sun' newspaper last November and quoted in a judgment in the Court of Appeal recently:

"The unpaid sum is presumably represented in the reported £1.26 billion of unpaid confiscation orders shown as an asset in the accounts of the Ministry of Justice and for which the Minister has received public blame (see e.g. The Sun 23/11/2011 under the headline "SOFT JUSTICE SCANDAL" "YOU KEN NOT BE SERIOUS" and 24/11/2011, under the headline "KEN FINES RAP")."

However it is a bit misleading in my view to refer to these sums as amounts which have not been 'paid back'.  For example, two of the biggest cases relate to Mr Ahmad and Mr Ahmed who were convicted jointly of defrauding HMRC of slightly more than £12m.  Their confiscation orders - originally made for a total of £184m were reduced to a total of £32m on appeal.  Even so one could not sensibly describe the orders as requiring them to 'pay back' the £32m.

David

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