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  1. #1
    Senior Member
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    Apr 2006

    Accused Financier Under Federal Drug Investigation

    Accused Financier Under Federal Drug Investigation

    Authorities: Stanford May Have Laundered Drug Money for Mexican Cartel

    February 18, 2009—

    The SEC's fraud charges may be the least of accused financial scammer R. Allen Stanford's worries. Federal authorities tell ABC News that the FBI and others have been investigating whether Stanford was involved in laundering drug money for Mexico's notorious Gulf Cartel.

    Watch the full story tonight on World News with Charles Gibson at 6:30 p.m. ET.

    Authorities tell ABC News that as part of the investigation, which has been ongoing since last year, Mexican authorities detained one of Stanford's private planes. According to officials, checks found inside the plane were believed to be connected to the Gulf cartel, reputed to be Mexico's most violent gang. Authorities say Stanford could potentially face criminal charges of money laundering and bribery of foreign officials.

    Authorities say the SEC action against Stanford Tuesday may have complicated the federal drug investigation.

    The federal investigation, however, did not stop Stanford from using corporate money to become a big man at last year's Democratic convention in Denver.

    A video posted on the firm's web-site shows Stanford, now sought by U.S. Marshals, being hugged by Speaker of the House Nancy Pelosi and praised by former President Bill Clinton for helping to finance a convention-related forum and party put on by the National Democratic Institute.

    "I would like to thank the Stanford Financial Group for helping to underwrite this," Clinton said to the crowd at the event.

    Stanford Financial was listed as the "lead benefactor" for the gathering, and Stanford was permitted to address the audience of several hundred.

    Stanford contributed $150,000 to underwrite the event, said NDI president Kenneth Wollack. More recently, Stanford gave $5,000 to help pay for a luncheon hosted by the group. At the time NDI had no idea of Stanford's trouble, and it is has not had any contact with him since the December event, said Wollack.

    "We had no reason to believe that a very public company that was also engaged in philanthropic work might be suspect," said a spokesperson for the National Democratic Institute, Amy Dudley.

    The SEC charged yesterday that Stanford was running a fraudulent investment scheme that may have bilked customers out of as much as $8 billion.

    Stanford's whereabouts are unknown and U.S. Marshals say they are searching for him.

    Over the last decade, Stanford has spent more than $7 million on lobbyists and campaign contributions to Washington politics in both parties, although the vast majority of the money has gone to Democrats.

    Donations to Democrats Outweigh those to Republicans

    A total of $1.56 million was given to Democrats, according to Republicans received $840,000. Stanford also hired big-name lobby firms like DLA Piper and Parry, Romani and DeConcini.

    Today in Washington, many of the members of Congress who received Stanford contributions vowed to turn the money over to charity.

    Sen. Bill Nelson (D-FL) was the single biggest recipient of Stanford contributions, according to the Center for Responsive Politics. He received $45,900 from Stanford over the last 10 years.

    "I will give to charity any campaign contributions from him or his employees," Nelson said in a statement through his spokesperson.

    Where is Stanford?

    Federal authorities say they do not know the current whereabouts of the Texas financier, who is accused of cheating 50,000 customers out of $8 billion dollars. His financial empire in Houston, Memphis, and Tupelo, Miss., were raided Tuesday.

    The Securities Exchange Commission alleges Stanford ran a fraud promising investors impossible returns, much like Bernard Madoff's $50 billion alleged Ponzi scheme.

    Investigators Tuesday shut down and froze the assets of three of the companies Stanford controls and they say the case could grow to be as big as the Madoff scandal. Like Madoff's clients, Stanford's investors are in shock.

    "Initially we put our money in this institution and in a CD because we were nervous about the markets and thought it was a safe place," said investor Brett Zagone. "I'm so upset right now I can't even talk about it." ... 429&page=1
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  2. #2
    Senior Member Richard's Avatar
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    Apr 2005
    The yield that they promised on CDs is not greater than the one still offered by Advanta
    I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  3. #3
    Senior Member gofer's Avatar
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    Jan 2006
    Democrats - the party of the common man and the common CON man, as well as the SUPER rich, even though they have conned people into believing it's Republicans who are the super wealthy. It's the left who boasts the Warren Buffets, Ted Turners(also largest private landowner in U.S.), Oprah, Bill Gates, All of Hollywood...........

  4. #4
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    Apr 2006
    Bank regulators have frozen all the assets of Stanford's bank in Antigua. He remains missing. See "Stanford Bank Clients Can't Access Funds": ... ord/349231
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

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