Stanford Fraud Scheme Probe

Another day, another fraud. The Securities and Exchange Commission (SEC) has charged Robert Allen Stanford and three of his companies for orchestrating an alleged fraudulent, multi-billion dollar investment scheme centering on an $8 billion certificate of deposit (CD) program. This  is the second massive alleged fraud to hit the headlines in a matter of months. It follows the recent charging of Wall Street financier Bernard Madoff in connection with a $50 billion investor fraud. That scheme’s collapse has fueled litigation on a number of fronts. Hat tip to the D&O diary  for details of the first securities class action lawsuit filed by investors in connection with the Stanford fraud allegations. Also check out I.I.I. information on the liability system.  

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