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.
– Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement
We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.
– Rose Romero, Regional Director of the SEC’s Fort Worth Regional Office
The SEC this morning charged Stanford Financial with a massive $8 billion fraud involving their CDs. Apparently, like Madoff, Stanford fabricated returns on their CDs which were well above rates available elsewhere including reporting double digit returns for the past 15 years.
Geez. Here we go again. Bernie Madoff II. Are there more????