Disgraced financier R. Allen Stanford shattered “children’s college educations” and “loved ones’ comfortable retirements” through a sham business empire that served as his personal piggy bank, prosecutors told the NY Post.
Assistant US Attorney Gregg Costa told a federal jury in Houston that Stanford, who faces up to 20 years in prison, siphoned off cash through his dealings in an offshore bank where he sold certificates of deposit as safe investments, but then failed to put those investments into the hands of money managers.
“It was just a façade,” said Costa of Stanford International Bank, adding that the institution only served to underwrite Stanford’s ambitions.
Stanford, 61, is charged in a 14-count federal indictment accusing him of bilking some 30,000 investors from more than 100 countries through bogus investments with Antigua-based Stanford International Bank.
Read more: http://www.nypost.com/p/news/business/stanford_fraud_trial_gets_to_rip_TZmZLdNbHBn0gGJbnEuaRN#ixzz1kSQXxl5y
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