ADP

Allen Stanford

Allen Stanford diverted $7 billion from Stanford International Bank depositors into personal businesses and his lifestyle over a 20-year investment fraud.

At a glance

What happened
He sold certificates of deposit using false claims of safe, liquid investments, diverted depositor money into undisclosed loans to his businesses, and used new CD sales to pay earlier depositors.
When
The scheme lasted approximately 20 years. Convicted March 6, 2012; sentenced June 14, 2012.
Where
Stanford International Bank was based in Antigua and Barbuda. His federal trial and sentencing were in Houston, Texas.
Why / motive
Trial evidence established that diverted funds financed his businesses and lifestyle, and new deposits sustained payments to existing depositors.
Outcome
A jury convicted him on 13 of 14 counts. He received 110 years in prison and a $5.9 billion personal money judgment.

Who is involved

  • Allen Stanford — subject

Sources

  1. Allen Stanford — source evidence“Paraphrase: Allen Stanford”
  2. Allen Stanford — source evidence“Paraphrase: Allen Stanford diverted $7 billion from Stanford International Bank depositors into personal businesses and his lifestyle over a 20-year investment fraud.”
  3. Allen Stanford — source evidence“Paraphrase: He sold certificates of deposit using false claims of safe, liquid investments, diverted depositor money into undisclosed loans to his businesses, and used new CD sales to pay earlier depositors.”
  4. Allen Stanford — source evidence“Paraphrase: The scheme lasted approximately 20 years. Convicted March 6, 2012; sentenced June 14, 2012.”
  5. Allen Stanford — source evidence“Paraphrase: Stanford International Bank was based in Antigua and Barbuda. His federal trial and sentencing were in Houston, Texas.”
  6. Allen Stanford — source evidence“Paraphrase: Trial evidence established that diverted funds financed his businesses and lifestyle, and new deposits sustained payments to existing depositors.”
  7. Allen Stanford — source evidence“Paraphrase: A jury convicted him on 13 of 14 counts. He received 110 years in prison and a $5.9 billion personal money judgment.”

Sources last checked: Not recorded · Dossier last changed: · Editorially reviewed: Not yet reviewed.