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Tag: Allen Stanford

Texas Financier R. Allen Stanford Convicted in $7 Billion Fraud

R. Allen Stanford

By Allan Lengel
ticklethewire.com

All the riches in the world, and no where to go but prison.

A fed jury in Houston on Tuesday convicted wealthy Texan R. Allen Stanford,61,  on 13 of 14 counts that involved allegations that he ran a $7 billion fraud through an offshore bank, the Houston Chronicle reported. Family members wiped away tears as the verdict was read, according to the paper.

The conviction is likely to keep him behind bars for quite a while.

The charges included conspiracy, fraud, obstruction and money laundering. The counts of which he was found guilty carry total penalties of 230 years.

To read more click here.

Accused Scammer Allen Stanford Takes Beating in Jail: Gets Transfer to Fed Prison


By Allan Lengel
ticklethewire.com

Texas financier R. Allen Stanford, whose alleged scamming is in a league with the king of scammers Bernard Madoff, was granted a transfer from a private Texas jail to a federal prison after getting a major beating from a fellow inmate, Bloomberg News reports.

Bloomberg reported that the transfer allows Stanford to be closer to his lawyer in downtown Houston. He is awaiting trial on charges of defrauding investors of some $7 billion.

On Thursday, Stanford got into a fight and suffered a concussion, two black eyes and a broken nose, his lawyer told Bloomberg.

The beating took place at the Joe Corley detention center in Conroe, north of Houston, Bloomberg reported. The judge, who approved the transfer, did not mention the beating and acknowledged the benefits of Stanford  being closer to his attorney because of the complexity of the case.

Jury to Begin Deliberating in Trial of Ex-Miami DEA Chief Tom Raffanello

miami map istockBy Allan Lengel
ticklethewire.com

And now comes the jury deliberations.

A Miami jury will begin deliberating Thursday in the trial of Tom Raffanello, the former head of the Miami DEA, who is accused of conspiracy and obstructing an SEC investigation by shredding thousands of records to protect his boss — accused swindler Allen Stanford, according to the Miami Herald.

Rafanello, the former chief of security for Stanford Financial group, is on trial along with the company’s technology officer Bruce Perraud. He has denied wrongdoing.

To read the full story click here.

OTHER STORIES OF INTEREST

Fla. Judge Recommends that Major Charge Against Ex-Head of Miami DEA be Dropped

dea_color_logo

By Allan Lengel
ticklethewire.com

Tom Raffanello, the former head of the DEA in Miami, who  most recently served as the head of security for suspected financial scammer Allen Stanford, could get a little break in his criminal case.

U.S. Magistrate Judge Robin Rosenbaum in Miami has recommended that one of the major charges against him be dropped, specifically one that says  he interfered with a federal probe of Allen Stanford’s company by ordering the destruction of reams of company documents, the Miami Herald reported.

Raffanello is charged with destroying the documents after the feds shut down Stanford’s financial empire. Stanford is currently in prison.

The Herald reported that the magistrate said the government failed to show he interferred with the Security Exchange Commission probe. The magistrate did not recommend dismissal of the entire case, saying the government could show he did destroy records during the probe.

Ex-Head of Miami DEA Indicted in Banker Scandal

Ouch. It’s rare to see someone who made it that high up in an organization like this– even after they’ve left — get indicted.

dea-logo

BY MICHAEL SALLAH AND ROB BARRY
Miami Herald
MIAMI — The former chief of the U.S. Drug Enforcement Administration’s Miami office who led the agency’s cases against infamous Panama strongman Manuel Noriega and Medellín cartel kingpin Fabio Ochoa was indicted by a federal grand jury Thursday for ordering the shredding of records belonging to disgraced banker Allen Stanford.

Tom Raffanello, who left the DEA five years ago to become Stanford’s local security chief, was charged with ordering workers to destroy thousands of documents just days after government agents shut down the banking empire in a massive fraud case.

For Full Story

Texas Billionaire Stanford Surrenders to FBI Agents in Va.

R. Allen Stanford/bbc news photo

R. Allen Stanford/bbc news photo

Update:  Stanford Indicted Friday Morning (N.Y. Times)

It’s been hard to stomach seeing that swindlers like R. Allen Stanford and Bernie Madoff not only lived the good life, but enjoyed the respect of so many people who admired their wealth.

By MARY FLOOD and TOM FOWLER
Houston Chronicle
HOUSTON — Federal prosecutors are expected to announce an indictment against embattled Texas businessman R. Allen Stanford and others, possibly as early as today in a Washington news conference.

On Thursday, Houston prosecutor Gregg Costa, along with other prosecutors and FBI agents who have been investigating the Stanford Financial Group, obtained an indictment from a Houston grand jury. The same panel indicted Stanford Chief Investment Officer Laura Pendergest-Holt earlier this year.

A grand juror went before U.S. Magistrate Judge Frances Stacy Thursday, accompanied by Costa and the agents. She told the judge she had indictments to return, which Costa asked to have sealed. Stacy then cleared all media from the courtroom.

For Full Story