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8/05/2009
What Might Have Been - Kroll at One Time Vied for Stanford Recievership
8/03/2009
R. Allen Stanford Point-Man, Tom Cash, Out at Kroll
That Was Quick - Make that TWO Stanford Investor Suits Filed Against Kroll
Kroll Facing Lawsuit Over Alleged Negligence in R. Allen Stanford Review
More on the Kroll / R. Allen Stanford Relationship
Kroll, R. Allen Stanford and Beating Back the Regulators
So Wait, the DOJ Issues a "Stand Down" Order on Stanford Investigation 4/16/2009
As SEC Twiddled Thumbs the Stanford Fraud Rolled On
4/01/2009
Stanford Financial CFO Not Pleased With Her Representation
This is Excellent
R. Allen Standford Chief Investment Officer Tagged for Obstruction
New FINRA Chief Brings the Tough Talk
R. Allen Stanford, Philanthropist
Houston Chronicle Launches "Stanford Watch" Blog
First R. Allen Stanford Suits Already Filed
R. Allen Stanford Hiding Out in My Back Yard!
Sir Allen on the Lam?
Allen Stanford Charged With Massive Fraud
Stanford to Clients: Chill
What Might Have Been - Kroll at One Time Vied for Stanford Recievership
It retrospect, this would have been bad:
-- MDT
...Antiguan authorities moved Friday to take control of Stanford's offshore bank, an action that could put the Caribbean island government at odds with the SEC. Antiguan regulators named British-based Vantis Business Recovery Service as a receiver for the bank that purported to have $8.5 billion in assets in December.Ugly for more than just Allen Stanford, at this point.
The SEC, which has installed its own receiver over Stanford Financial's US operations, says it can’t account for the money in the bank. The SEC and Antiguan officials could not be reached for comment. Vantis declined to comment. The little-known London-based firm is said to have beat out some better-known corporate clean-up firms for the job, such as Kroll.
It’s not clear if Antiguan authorities consulted with the SEC before making the pick. A person familiar with the Stanford investigation says for months Antiguan authorities were thumbing their noses at the SEC and rebuffing attempts by US regulators to get information on Stanford's offshore operation.
Not only is the Stanford investigation still unfolding. Now it seems it may get ugly too.
-- MDT
Labels: Kroll, R. Allen Stanford, Thomas Cash
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R. Allen Stanford Point-Man, Tom Cash, Out at Kroll
Due to the controversy (and litigation) surrounding his connection to accused ponzi fraudster, R. Allen Stanford, Thomas V. Cash has stepped down from his position at Kroll. Cash had served as Kroll's Executive Managing Director in Miami. Cash's bio page on the Kroll website has already been removed.
-- MDT
7/23/2009
-- MDT
Labels: Kroll, R. Allen Stanford, Thomas Cash
That Was Quick - Make that TWO Stanford Investor Suits Filed Against Kroll
UPDATE: A colleague in the know has clarified something for me. Despite what the FT said, there are not two separate lawsuits. Rather, there are two complaints, one from Electri as we've previously described. The second complaint comes from National Electrical Contractors Association, which is the organization behind Electri. So to the best of my understanding - two aggreived parties, two complaints, one lawsuit.
Via the FT:
-- MDT
7/21/2009
Via the FT:
The allegations have also cast a light on the close-knit world of business advisory. Kroll, a risk consultancy firm, has been accused in two separate investor lawsuits of "gross negligence" and of misleading investors via a "clean report" on Sir Allen's operations in 2007, court documents show. Kroll has denied any liability.Thanks to our friends at Flaneur de Fraude for the tip. They also uncovered this ironic comment on Stanford from author and Kroll investigator William Brittain-Catlin:
Ahem, yes. Well. That is certainly awkward."I'm amazed by the way people were taken in by Sir Allen," says William Brittain-Catlin from Kroll, the risk consultancy, and author of Offshore: The Dark Side of the Global Economy. "There’s so much stuff out there that any one who wanted to do a cursory check would have seen. Various allegations have been flying around for years."
-- MDT
Labels: Kroll, R. Allen Stanford, William Brittain-Catlin
Kroll Facing Lawsuit Over Alleged Negligence in R. Allen Stanford Review
You may recall the recent report in Vanity Fair magazine that highlighted the cozy, long term relationship between white collar fraudster, R. Allen Stanford and Kroll - one that involved Stanford paying the investigative firm millions, reportedly, to run interference with inquisitive regulators.
Kroll is facing its first lawsuit relating to the Sanford relationship, filed in Florida's Southern District Court. The complaint has been brought by Electri International, which lost millions investing in Stanford's Stanford International Bank only after hiring - you guessed it - Kroll to vet the deal.
Kroll reportedly issued SIB a clean bill of health in their review, which they claim was "limited due diligence" costing Electri in the neighborhood of $15,000.
Even more interesting, Electri's contact at Kroll in the matter was Thomas V. Cash, Kroll's managing director for investigations in Latin America and the Caribbean. According to Electri's complaint, Cash had been hired as a consultant by R. Allen Stanford in the late 1990s and Kroll never disclosed this relationship. Vanity Fair also named Cash as Kroll's point man with Stanford.
Kroll and Cash are keping mum about the particulars of the Electri lawsuit, but Cash did have this to say to the New York Post:
-- MDT
7/08/2009
Kroll is facing its first lawsuit relating to the Sanford relationship, filed in Florida's Southern District Court. The complaint has been brought by Electri International, which lost millions investing in Stanford's Stanford International Bank only after hiring - you guessed it - Kroll to vet the deal.
Kroll reportedly issued SIB a clean bill of health in their review, which they claim was "limited due diligence" costing Electri in the neighborhood of $15,000.
Even more interesting, Electri's contact at Kroll in the matter was Thomas V. Cash, Kroll's managing director for investigations in Latin America and the Caribbean. According to Electri's complaint, Cash had been hired as a consultant by R. Allen Stanford in the late 1990s and Kroll never disclosed this relationship. Vanity Fair also named Cash as Kroll's point man with Stanford.
Kroll and Cash are keping mum about the particulars of the Electri lawsuit, but Cash did have this to say to the New York Post:
"I wouldn't believe everything I read in Vanity Fair because most of it's wrong."Lets take him at his word for the moment and keep close eyes on Florida's Southern District Court.
-- MDT
Labels: due diligence, Electri, Kroll, lawsuit, R. Allen Stanford, Thomas Cash
More on the Kroll / R. Allen Stanford Relationship
Via Intelligence Online...
Subscription required (but worth your while).
-- MDT
6/22/2009
Subscription required (but worth your while).
-- MDT
Labels: Kroll, R. Allen Stanford
Kroll, R. Allen Stanford and Beating Back the Regulators
A nice clip from Felix Salmon, citing this Bryan Burroughs article from the new issue of Vanity Fair (and I must say, that while I don't often read VF, their recent piece of Bernard Madoff was also quite excellent). The Key graph from the Burrough's piece, as it comes to Stanford and Kroll:
-- MDT
6/07/2009
...says the former F.B.I. agent Burrough spoke with. "Kroll was essentially running a propaganda campaign in defense of Stanford's good name. They beat on me many times: 'Hey, you got this guy all wrong, he’s not a money launderer, he's a great guy, leave him alone.'According to Burroughs, the Stanford account was worth millions to Kroll over the years. Allen Stanford was arrested and indicted earlier this month after a lengthy public preamble as well as several close calls from regulators over the years. He is currently in Federal custody.
-- MDT
Labels: Kroll, R. Allen Stanford
So Wait, the DOJ Issues a "Stand Down" Order on Stanford Investigation 4/16/2009
As SEC Twiddled Thumbs the Stanford Fraud Rolled On
All it took was (four) years of diddling at the SEC, multiple whistleblowers (at least five) and the Bernie Madoff debacle to bring down the Stanford Financial house of cards. Here's a pretty darn good run-down from Bloomberg of R. Allen Stanford's various brushes with the law prior to his current PONZI poster-boy status.
-- MDT
-- MDT
Labels: ponzi scheme, R. Allen Stanford
2 Comments.
Don;t you just love trods who bust chops on behalf of bad faith acts
Akin to Madoff and STanford - reports on Traub's fraud in eToys and his confessions to false affidavits utilized to seize control of the federal estate - not only received federal willful, blindness, the DE DoJ actually put a promise of such in writing and gave Traub illicit, implied, blanket, immunity.
Then Traub's other two partners - Tom Petters and Marc Dreier accomplished $3 billion and $700 million in fraud on their own.
The DE DOJ also instructed the SEC To back off from any Official Investigation forming.
www.petters-fraud.com
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Then Traub's other two partners - Tom Petters and Marc Dreier accomplished $3 billion and $700 million in fraud on their own.
The DE DOJ also instructed the SEC To back off from any Official Investigation forming.
www.petters-fraud.com
Stanford Financial CFO Not Pleased With Her Representation
Laura Pendergest-Holt has filed suit against Thomas Sjoblom of Proskauer Rose for malpractice, claiming he sold her down the river for the benefit of Stanford Financial... Details here.
-- MDT
3/05/2009
-- MDT
Labels: Laura Pendergest Holt, Proskauer Rose, R. Allen Stanford, Stanford Financial, Thomas Sjoblom
This is Excellent
John Stewart taking financial media triumphalism down - all the way to Chinatown. Keep your eyes peeled for the R. Allen Stanford cameo - an interview about how he avoided losing his billions in the sub prime mess.
Totally classic stuff.
2/27/2009
Totally classic stuff.
Labels: R. Allen Stanford
R. Allen Standford Chief Investment Officer Tagged for Obstruction
Laura Pendergest-Holt catches the first criminal charge in the Standford fraud probe. Her arrest comes based on charges of fibbing to the SEC in a February 10th interview. She was also named in the SEC civil suit against various Stanford holdings that was filed earlier this month.
Details at The Chron - where else.
-- MDT
2/25/2009
Details at The Chron - where else.
-- MDT
Labels: Fraud, Laura Pendergest Holt, R. Allen Stanford
New FINRA Chief Brings the Tough Talk
What is Richard Ketchum seeking? A broader mandate, a closer working relationship with the SEC and no more stovepipes... Keep reading.
-- MDT
-- MDT
Labels: FINRA, R. Allen Stanford, Richard Ketchum
R. Allen Stanford, Philanthropist
Favorite charitable institutions: anything cricket-related, the U.S. Congress.
WorkingLive has the rundown.
-- MDT
2/22/2009
WorkingLive has the rundown.
-- MDT
Labels: R. Allen Stanford
Houston Chronicle Launches "Stanford Watch" Blog
Your one-stop-shop for R. Allen Stanford updates. Maybe I'll ad their widget to The Daily Caveat and save myself the legwork. If you're following this story, the Chron's got your indispensible bookmark.
2/20/2009
-- MDT
Labels: R. Allen Stanford
First R. Allen Stanford Suits Already Filed
Sue early, sue often, I always say. D & O Diary has the full details.
-- MDT
2/19/2009
-- MDT
Labels: lawsuit, ponzi, R. Allen Stanford
R. Allen Stanford Hiding Out in My Back Yard!
Well, dang!
No details as yet, but FBI reports are that Stanford has been located in Fredericksburg, Virginia.
UPDATE: Still free, fraud papers served.
- MDT
2/18/2009
No details as yet, but FBI reports are that Stanford has been located in Fredericksburg, Virginia.
UPDATE: Still free, fraud papers served.
- MDT
Labels: fugitive, ponzi, R. Allen Stanford
Sir Allen on the Lam?
Long time readers know that there is nothing I love more than a white collar crook on the run.... Angelo, Kobe, Heinrich, Sam, Raul, that guy that jumped out of the plane - you guys are like my children.
Now it looks like we'll be welcoming a new member of the family - Sir Allen Stanford, whereabouts unknown.
See also... "seven shocking secrets" about Stanford that, across the board, reflect quite poorly about out financial regulatory apparatus.
-- MDT
2/17/2009
Now it looks like we'll be welcoming a new member of the family - Sir Allen Stanford, whereabouts unknown.
See also... "seven shocking secrets" about Stanford that, across the board, reflect quite poorly about out financial regulatory apparatus.
-- MDT
Labels: fugitive, R. Allen Stanford
Allen Stanford Charged With Massive Fraud
Massive as in billions...
More than a dozen U.S. Marshalls visited Stanford's Texas home this morning (the FBI hit a Memphis locale), only days after he assured his wealth management clients that all was well.
You can view the SEC press release on the Stanford case right here.
-- MDT
2/16/2009
More than a dozen U.S. Marshalls visited Stanford's Texas home this morning (the FBI hit a Memphis locale), only days after he assured his wealth management clients that all was well.
You can view the SEC press release on the Stanford case right here.
-- MDT
Labels: R. Allen Stanford
Stanford to Clients: Chill
People do tend to get nervous when folks start talking about their investment adviser as the next Bernie Madoff. So while his returns have been peculiarly stable amid all manner of market turmoil and while at least two former employees have made it their mission to get the Feds breathing down his neck, so far eccentric Texas billionaire and wealth management magnate, R. Allen Stanford is claiming things are all good. For his clients' sake we certainly hope so. And hey, would a knight of the realms of Antigua and Barbuda lie about such a thing?
-- MDT
-- MDT
Labels: Bernie Madoff, ponzi, R. Allen Stanford
