Thread: Accused Financier Under Federal Drug Investigation

Accused Financier Under Federal Drug Investigation
Authorities: Stanford May Have Laundered Drug Money for Mexican Cartel
By JUSTIN ROOD and BRIAN ROSS
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.

Allen Stanford disappears after accused of a massive $8 billion scam.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.

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Manhunt: Accused Financier Scammer Stanford MissingWATCH: Financial Titan Accused of FraudMore from Brian Ross and the Investigative Team

"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

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You know, i am getting so tired of these criminals scumbags getting away with stealing so much money from hard working people. The punishment for these crimes seem to always be nothing but a slap on the wrist. They even get to wait in the comfort of their own mansions while the await trial. Criminals like R. Allen Stanford need to be locked up in jail until their trial and given life sentences upon conviction. Maybe the DEA can prove their case against him and get this greedy their a long sentence.

Originally Posted by bigtex

You know, i am getting so tired of these criminals scumbags getting away with stealing so much money from hard working people. The punishment for these crimes seem to always be nothing but a slap on the wrist. They even get to wait in the comfort of their own mansions while the await trial. Criminals like R. Allen Stanford need to be locked up in jail until their trial and given life sentences upon conviction. Maybe the DEA can prove their case against him and get this greedy their a long sentence.

Exactly! They don't need to go to a "Club Fed" either. I would like to see them go to Hunstville, Texas and see how long they last.