R. Allen Stanford’s Court Date 2011 – Stanford Financial Group fraud case takes Years – Madoff takes Months?

According to the Dallas Business Journal – U.S. District Judge David Hittner has decreed that Stanford’s trial on charges that he led a $7 billion fraud scheme would begin in January 2011.

The Securities and Exchange Commission, on February 17, 2009, charged Robert Allen Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an $8 billion CD program.

“As we allege in our complaint, Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors,” said Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement. “We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors.”

Rose Romero, Regional Director of the SEC’s Fort Worth Regional Office, added, “We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.”

Stanford’s lawyer, Kent Schaffer, had asked Judge Hittner not to schedule the trial until the summer of 2011. If defense lawyers must prepare the case without funding from Stanford’s insurance policies, Schaffer reportedly said it could take as long as two and a half years to get ready for trial.  Meanwhile, according to documents filed with the Texas Workforce Commission confirmed earlier this year Stanford closed its facilities and effectively had to dismiss 1,022 employees across the United States. About 297 workers in Houston, the headquarters of Stanford Financial Group, lost their jobs.

Bernie Madoff knew that he was toast in December of ’08 when he admitted that the financial empire that he build was built based on fraud.  While he did wrong, at least he knew when to admit his guilt.  He saved the taxpayers millions by avoiding a long protracted trial.  In less than a year Madoff knew his fate – the rest of his life in prison.

Stanford – well he is still attempting to prove his innocence.  And, while in this country you are innocent until proven guilty, the bulk of the evidence suggests that Sir Allen Stanford will likely face a similar fate to that of Bernie.  I suspect that Stanford will, too, face the rest of his life in prison.  As a business ethics speaker I have to say, I at least respect that Madoff accepted his fate instead of making the process a circus.

DO YOU THINK THAT STANFORD IS RIGHT IN TRYING TO PROVE HIS INNOCENCE OR SHOULD HE PLEAD GUILTY AND MOVE ON?  Your comments are welcome.

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4 Responses to R. Allen Stanford’s Court Date 2011 – Stanford Financial Group fraud case takes Years – Madoff takes Months?

  1. doug fogulsang says:

    He should spend one hour in a room with his Victims. That would solve the punishment phase.

  2. Roger Lee says:

    Why in the heck does it take so long to go to trail on the Stanford case. Right or wrong he is still entitled to a trail. In the Good ole USA today we take your money, put you away and hope someone else pays for your legal troubles as we “USA” will have spent all of your money, money he had before the banking scam ever started, if the USA can prove it was ever a scam to strat with. Shame on the US goverment for this one, I am ashamed of this country.

  3. Sofia says:

    Chuck Gallager.. You many need to change your heading. You call yourself a “business ethics experts?” How are your statements “ethical” in any way?

    1) Innocent until proven guilty? In this country that is a joke, you are guilty until proven innocent…. read the press lately? He has already been convicted, according to the press.
    2) This is not about “fate.” This is the fight for someone’s life. We don’t go to jail because of fate, but because we did something wrong. If Allen Stanford claims innocence why should he not fight? That Madoff pleaded guilty does not make Allen Stanford guilty. Then are we all guilty?

    The government should go to prison for what they have done to a pre-trial detainee, poisoning him with psychotropic drugs, particularly after the brutal attack Allen Stanford suffered while imprisoned and under government custody was no accident. You ‘never’ give the psychotropic drug Klonopin to someone who has had a brain injury (unless of course you want to induce permanent damage).

    Will the government pay to reducing a man (who has not gone to trial yet!) and who was the epiphany of health to shreds?

    Think before you speak nonsense.

  4. tommy says:

    I worked for this person, Thats all you would have to have done to know that he was a con artist, He lived the high life, On the backs of others. He know’s what he did, And so does everyone else.

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