Allen Stanford Ponzi Scheme (Audit Project) — Transcript

Full transcript

1. 0:02hello i'm alan stanford
2. 0:05financial predator of epic proportion
3. 0:09alan stanford
4. 0:10and his shocking 7.2 billion dollar
5. 0:13fraud
6. 0:14he's an absolute crook he's a thief and
7. 0:16created a blueprint to build people out
8. 0:19of billions of dollars for two decades
9. 0:21stanford runs an international ponzi
10. 0:24scheme and value for you
11. 0:26selling fraudulent certificates of
12. 0:28deposit from his offshore bank on the
13. 0:30island of antigua
14. 0:32stanford international bank from day one
15. 0:35was a facade it didn't exist it was a
16. 0:38hollywood set they weren't investing the
17. 0:40money like stanford told investors and
18. 0:43it's those investors more than 20 000 of
19. 0:46them who foot the bill for stanford's
20. 0:48lavish lifestyle alan stanford at his
21. 0:51peak was a billionaire he was one of the
22. 0:53richest men in the world he used the
23. 0:54money on yachts and private jets and
24. 0:58homes around the world and also to prop
25. 1:00up his empire billions of investor
26. 1:02dollars
27. 1:03gone to lose 1.3 million dollars by
28. 1:06someone that absolutely stole the money
29. 1:09from me is just horrific allen stanford
30. 1:11is a sociopath
31. 1:16upon this game is a fraudulent investing
32. 1:18scam promising high rate of return with
33. 1:21little risk little risk to investors it
34. 1:24generates
35. 1:25returns for older investors by acquiring
36. 1:28new investors this scam actually used to
37. 1:31promise returns for two earlier
38. 1:33investors as long as there are new more
39. 1:35new investors this game usually
40. 1:38exists but this game usually collapses
41. 1:41on themselves when the new investment
42. 1:43stops
43. 1:44okay
44. 1:49alan stanford was born in march 24 1950
45. 1:52he is a former prominent friend there
46. 1:54and sponsor for of professional sports
47. 1:57who is serving a 110 year prison
48. 1:59sentence he has been like convicted of
49. 2:02charge charges that his investment
50. 2:05company was a massive ponzi scheme and
51. 2:07fraud
52. 2:08stanford was the chairman of the now
53. 2:10defunct stanford financial group of
54. 2:13companies
55. 2:14he grew up in mexico texas his father
56. 2:17jim stanford is a former mayor of mexico
57. 2:20and a member of the board of the
58. 2:21director of stanford financial group
59. 2:24his mom his mother sammy is a nurse
60. 2:27after his parents divorce in 1959
61. 2:30stanford and his brother brother went to
62. 2:32live with their mother both of his
63. 2:35parents remarried
64. 2:37well then stanford graduated from
65. 2:39eastern hills high school in fort worth
66. 2:41texas in iowa texas in 1974 stanford
67. 2:46graduated from baylor university in
68. 2:49texas earning a ba degree in finance
69. 2:52his career passes like stanford study
70. 2:55start started in business in wayco texas
71. 2:59opening a bodybuilding gym that failed
72. 3:02that his first success in business came
73. 3:04from speculating in real estate in
74. 3:06houston after the texas texan oil bubble
75. 3:10burst in the early 1980s his partner in
76. 3:13his venture was his father james
77. 3:15the two men made a fortune in the 1980s
78. 3:19buying up the depressed real estate and
79. 3:21then selling in years later as the
80. 3:23market recovered
81. 3:24as his father retired in 1993
82. 3:28stanford took control of the company
83. 3:30with 500 employees which is the stanford
84. 3:33which is the stanford financial group of
85. 3:36companies
86. 3:41in february 2009 the fbi and sec opened
87. 3:44up an investigation on alan stanford
88. 3:46questioning his claims
89. 3:47of above market average returns and cds
90. 3:51that he claimed were safer than u.s
91. 3:52government insured accounts on february
92. 3:5417th the fbi raided offices of stanford
93. 3:57financial and served in legal papers two
94. 4:00days later filed by the sec that same
95. 4:03day of the raids
96. 4:05stanford tried to flee the country to
97. 4:06antigua on a private jet but was refused
98. 4:09when the company would only accept a
99. 4:10wire transfer
100. 4:12the sec said that sanford operated a
101. 4:14massive ponzi scheme through an 8
102. 4:16billion dollar investment scheme and
103. 4:18falsified stanford international banks
104. 4:20financial statements to hide their fraud
105. 4:23quoted from the fcc stanford
106. 4:25international banks financial statements
107. 4:27including its investment income are
108. 4:29fictional
109. 4:30stanford's assets along with his
110. 4:32companies
111. 4:33were frozen by a u.s district judge and
112. 4:36he was also ordered to surrender his
113. 4:37passport
114. 4:38sanford still claims to this day that he
115. 4:40has done nothing wrong and his companies
116. 4:42were disemboweled by the sec
117. 4:48on june 14 2012 stanford was sentenced
118. 4:51to 110 years on accounts of wire fraud
119. 4:53mail fraud money laundering and
120. 4:55obstruction of justice in the aftermath
121. 4:57of his actions 22 000 investors were
122. 5:00affected making the second largest ponzi
123. 5:02scheme behind madoff the company is
124. 5:04currently under the management of a
125. 5:06receiver as much of the money was spent
126. 5:08by stanford or is currently tied up in
127. 5:09litigation
128. 5:11many investors are having trouble
129. 5:12recovering their money and victims claim
130. 5:14that the justice department has not been
131. 5:15as aggressive in the stanford case as in
132. 5:17others to this date only 55 million of
133. 5:20the 6 billion has been recovered and
134. 5:22stanford still believes that he is
135. 5:24innocent on claims that the u.s justice
136. 5:26department did not have proper
137. 5:28jurisdiction on his arrest