Stanford’s Billions Are MIA
Posted on Feb 27, 2009
The troubles of alleged rip-off artist Sir R. Allen Stanford are piling up in a big way: Not only does he stand accused of defrauding some 50,000 customers via his Stanford Financial enterprise, but now it seems that authorities are able to account for only $250 million of the $8.2 billion in assets that Stanford’s bank said it had.
Only $250 million has been located by the court-appointed receiver of Stanford Financial, according to court testimony Friday by an FBI agent involved in the case.
The testimony came at an arraignment hearing for Stanford Financial’s chief investment officer, Laura Pendergest-Holt, who was arrested yesterday [Thursday] in Houston and charged with obstructing the federal investigation into her company. Her lawyer says she is innocent.
AP photo / Lefteris Pitarakis
The before photo: Stanford in sunnier times.