Robert Allen Stanford
AKA: Allen Stanford
Born: March 24, 1950 / Mexia, Texas
Current Residence: United States Penitentiary, Coleman, FL
Nationality: American / Antiguan
Position: Former Chairman of Stanford International Bank (SIB)
Crime: In 2009, Stanford was being investigated for orchestrating a massive, 20-year investment fraud scheme through his company, the Stanford Financial Group. The scheme involved Stanford presenting fictitious investment results as historical data in sales pitches to investors. These results included higher-than-market returns with the promise that the SIB CDs were as safe as, or safer than, U.S. government-insured accounts. On February 27, 2009 the SEC stated that Stanford Financial operated like a “massive Ponzi scheme,” where they stole billions of dollars of investors’ money and falsified the SIB records to hide their fraud.
Losses: $7 billion, and over 20,000 total victims.
Charges/Sentencing: Convicted on March 6, 2012 following a six week trial, and sentenced on June 14, 2012 to 110 years in prison.