R. Allen Stanford's Guilty Conviction Brings An End To A Terrible Chapter In Banking History

R. Allen Stanford

Financial fraudster R. Allen Stanford, who was arrested and remanded into custody in 2009, over a $7 billion dollar ponzi scheme the FBI knew of for over a decade, but let continue to the detriment of the public, was found guilty on a host of criminal charges, during March 6, 2012 court proceedings.

Stanford's corrupt bank sold the domestic and international public certificates of deposit (CDs) with a high rate of return, not supported by any discernible profits. It was all a ponzi scheme to fleece the public and fund Stanford's very lavish lifestyle that included mansions around the world, wives and mistresses.

Due to the Stanford's ties to President Bush and the $5,000,000 in donations he gave Congress, the FBI, headed up by Robert S. Mueller, covered up his crimes for over a decade, which caused the damages in the case to grow to over $7 billion dollars. This represents the public's money unwittingly invested in Stanford's scam, much of which is forever lost to the ponzi scheme and his extravagant spending.

Stanford's remaining stolen, ill-gotten assets were no where near enough to even approach the amount of money the public lost, to make any type of decent financial restitution to victims (FBI has only found peanuts in missing funds).

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Are You Raising A Madoff Or Stanford

Ponzi schemer Bernard Madoff, his brother Peter Madoff and sons Andrew and Mark in 1995

As the New Year begins, after a tumultuous 24 months of ponzi schemers and fraudsters being exposed, with more to come, businesspeople need to take stock and a long look at what has happened to the economy. Ask yourselves, are you raising the next fraudsters. When you teach your kids to be ruthless, heartless and greedy, putting self before all else, what kind of example are you giving them and will it bring them down in the future.

Ponzi schemer R. Allen Stanford

Most families do not start out that way, but wrong turns are made and kids go on to do the unthinkable, damaging many in the process. In an age of greed, it is an easy message to foster, but not the right one. Teach your children the value of hard work, respect, human decency and integrity. Teach them to respect others property and their own and what it takes to lawfully acquire it.

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The Government Was Complicit In R. Allen Stanford's Crimes

R. Allen Stanford

The Judiciary Report has been proven right again in another exclusive claim. The Judiciary Report contended on May 2, 2009, that the U.S. government knew of R. Allen Stanford's ponzi scheme years in advance, yet looked the other way to the corruption, knowing it was damaging thousands of innocent people, who lost their life savings (R. Allen Stanford Double Life).

A U.S. State Department cable, leaked THIS WEEK by Wikileaks, reveals the government knew what was going on for YEARS and did nothing to stop it. Under domestic and international law, the U.S. government was bound and obligated to charge, detain and prosecute Stanford, as a citizen of the United States, engaging in criminal breaches of local and foreign law.

R. Allen Stanford after he was beaten in prison and rushed to the hospital

However, due to Stanford's ties to former President, George W. Bush, ensconced in office at the time, the State Department and FBI, who by law should have brought him in, allowed him to reek havoc on the finances of hard working everyday people in America and the Caribbean.

The Judiciary Report was also the first site to state, the FBI and SEC, knew of the egregious crimes of ponzi schemer, Bernard Madoff, but looked the other way to it for years, which compounded the damage (S.E.C. Ignored Warnings About Madoff). Weeks after the Judiciary Report published the aforementioned article (Madoff’s Madness), the site was proven correct, when reports surfaced in the mainstream press, illustrating the fact the federal government had received detailed and credible complaints listing Madoff's crimes, as early as 1998, but looked the other way.

The government did this, as Madoff was deemed too big to fail and too important to go to prison. It wasn't until Santander Bank in Spain informed the ponzi schemer they would be sending a contingent to New York, regarding their investment with his company, that Madoff came clean and concocted a plan to have his sons, via them turning him in as clueless victims, to save themselves from prison.

The U.S. government is also hiding another fact - there is still another Madoff lurking in the corporate sector that they are refusing to bring in, as he is well connected in Washington, due to the money that illegally sprang from his crimes. No one in their right mind would call that success.

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STORY SOURCE

WikiLeaks cables: US suspected Allen Stanford long before ECB deal

Miami's Madoff Racked Up $1 Billion In Damages

The Miami FBI held a press conference to discuss the ponzi scheme, run by lawyer, Scott Rothstein. It was revealed the damages in the Rothstein case are not $500,000,000 as stated previously in the press, but $1 billion dollars.

Scott Rothstein

Once again, the government's regulatory system has failed the nation and investors worldwide, as it did in other cases such as Bernard Madoff, R. Allen Stanford and Enron. Financial entities should be required to provide accurate proof of their accounting methods and funds currently in their possession.

Scott Rothstein's 2006 Ferrari Spider and his other assets have been seized by the federal government

Previously, Rothstein fled to Morocco and sent a troubling email to his friends and family, regarding the ponzi scheme he actively ran from his South Florida office, ensconced in his law firm Rothstein, Rosenfeldt and Adler.

Miami FBI SAC John Gilles at press conference on the Rothstein ponzi scheme

The email revealed a distressed Rothstein, confessing to his misconduct and hoping God will forgive him for it. While, it is good he didn't kill himself and God can forgive him, Rothstein will face the judicial consequences of his misconduct in federal court.

FBI: Don't Believe $1B Fraud 'first in South Fla.'

The FBI says an alleged fraud involving prominent Fort Lauderdale lawyer Scott Rothstein could exceed $1 billion. Rothstein has not been charged but officials say the investigation is complex. (Nov. 12)

http://www.citrusdaily.com

Feds seize embattled lawyer Scott Rothstein's property

Federal prosecutors accused a high-profile South Florida attorney of concocting a Ponzi scheme that lured millions of dollars from investors with promises of big payoffs from legal settlements that never existed, according to court documents filed Monday.

The civil complaint, seeking forfeiture of eight pieces of property owned by lawyer Scott Rothstein, marks the first time prosecutors have leveled fraud allegations at him- even though criminal charges have yet to be announced. It was filed the same day FBI and Internal Revenue Service agents seized luxury cars, boats, bank accounts and other possessions of the once high-flying Rothstein. The forfeiture complaint put the value of the real estate at more than $18 million.

In the complaint, prosecutors claim that Rothstein operated the Ponzi scheme since 2005 using his law firm, Rothstein Rosenfeldt Adler. Investors were promised fat profits of 20 percent or more by paying lump sums to people who had won legal settlements that would supposedly pay out larger

http://www.miamiherald.com

Florida Car Mogul Is Duped Out of $57 Million

In the post-Madoff world, Ponzi schemes seem to be popping up everywhere. The latest is the alleged scam run by Ft. Lauderdale, Fla., lawyer Scott Rothstein.

He is the Ferrari-loving, bling-wearing, Versace mansion co-owner who worked in a sealed “Bat Cave” and who is suspected of stealing hundreds of millions of dollars from investors who bought legal settlements from him since 2005.

No one has been charged. But the FBI towed away his Ferrari spider convertible this week and seized his mansion and yachts, along with 44 boxes of documents. They are now seeking information from former Rothstein investors. Meantime, the Jerald reports, Rothstein is staying at an undisclosed location under federal surveillance.

The latest intelligence on the scam involves $57 million Mr. Rothstein is accused of taking from a Southeast auto magnate. The case seems like a “Richistan” version of the classic Nigerian email scam.

According to the Miami Herald, auto dealer Ed Morse was fighting with his interior decorate over a $2 million bill. He hired Mr. Rothstein to fight it. Mr. Rothstein told the Morses he won the case and was entitled to a $23 million judgment.

Mr. Rothstein said all they had to do to get the $23 million money–alleged to be in a Cayman Islands account that a judge had authorized the family to seize–was to post a bond 2 1/2 times larger than the judgment, or $57 million, which could be wired to Mr. Rothstein...

http://blogs.wsj.com

The FBI And National Security

Sibel Edmonds

Why does the FBI keep trying to block the testimony of whistleblower, Sibel Edmonds. What happened to Freedom of Speech. Why is she not allowed to speak? Because she knows some of your dirty secrets.

During the 3 years I have covered the FBI in my widely read columns, I have witnessed astonishing lapses in national security, financial impropriety and absolute moral failure on the part of the Bureau.

My columns hinted at problems in the financial sector, where individuals were running ponzi schemes not, "Providing a true service not based in fraud, theft or speculation" and “trading what amounts to nothing.” Shortly after, Madoff and Stanford were indicted for ponzi schemes the FBI knew of for 10 years, but let fester to the detriment of taxpaying Americans and global citizens that invest in good faith.

The FBI’s chronic acts of criminal negligence, are a threat to national security and the prosperity of the United States and its allies in the world. If the FBI fails to correct its conduct, America will be left open to new terror attacks, centered on cities such as New York and Los Angeles, to name a few, famed for their wealth and architecture that symbolize Americana, which terrorists hate.

Furthermore, if the FBI cannot control a crazy pop star, stopping her from breaking the law, as they are constitutionally obligated to do, how are they going to control Al Qaeda and the Taliban.

The agency under Robert S. Mueller is ineffective, incompetent and weak. The FBI needs to be closed, with the U.S. Congress starting over with a new federal law enforcement agency. Time shall show it.

The FBI has been nothing but a taxpayer draining, unmitigated failure and embarrassment from day one. They left Martin Luther King Jr. to die and they left 9/11 victims to die (stonewalling their agents from an investigation that would have prevented the attack). They haven’t changed since the Civil Rights era. There is something very wrong there.

I don’t believe the FBI has foiled any real terrorists, who keep hinting through released tapes and videos that something terrible is coming. I think this is the quiet before the storm and sadly America’s first line of defense is Barney Fife:

FBI Director, Robert Mueller

DoJ Pressures Ohio Election Commission to Block Edmonds Testimony

8/7/2009 8:06PM - Long-gagged FBI whistleblower re-iterates request for citizen media in D.C. to show up at Saturday morning deposition...

The DoJ is now jumping into action, at least on behalf of covering the FBI's rear, if not yet to issue any "states secrets" claims to stop the scheduled testimony of FBI whistleblower Sibel Edmonds in D.C. tomorrow morning in the Ohio Election Commission (OEC) case of Schmidt v. Krikorian...

http://www.bradblog.com

Florida Corruption Probe

Downtown Miami (photo credit: Marc-Averette)

As noted previously, Florida has a corruption problem. As a victim of crime, I have witnessed a significant amount of corruption, which I have chronicled online.

Then there are the scandalous cases such as R. Allen Stanford and Jack Abramoff, illustrating how far and deep bribery and corruption runs in this state.

Therefore, the following news does not surprise me. The U.S. Justice Department is investigating top Florida officials on corruption charges.

Marcia Cooke (center)

Wouldn't you know it, the crooked judge from the Madonna human rights abuse case, the repugnant Marcia Cooke, who threw out the case, without reading it, which constitutes criminal fraud and an egregious breach of the federal judicial cannons, has recused herself from the case, as she is considered a George W. Bush associate.

The same Bush that believed and practiced the sick foreign policy that criminally pillaging the assets of foreigners would bring prosperity, see war for oil in Iraq, but instead it brought severe financial calamity, permanent loss and destruction, decimating the economy.

Cooke also assisted Bush with destroying 300 years of Constitutional law, during the Jose Padilla case, which states a person cannot be held without being charged, even tossing out what Bush did at trial, in conduct condemned and abhorred all over the world and will never be forgotten. This is your legacy (Google it).

R. Alexander Acosta

Former Miami U.S. attorney, R. Alexander Acosta, who I previously wrote about here, also he quit several days after, also recused himself from the Florida corruption case, due to his ties to George W. Bush.

The aforementioned people, through their thoroughly repugnant conduct, have millions of people in the world, firmly believing, Miami is the most corrupt, violent, abusive, xenophobic city in America.

Feds' corruption probe looks at top Florida officials

July 3, 2009 - The U.S. Justice Department is investigating corruption allegations made by an indicted Fort Lauderdale insurance executive who, in a bid for a favorable plea deal, has named lawyers, lobbyists and fundraisers he claims plotted with him to thwart a state crackdown on him and his industry.

Justice officials have convened a federal grand jury to pursue the claims of former Mutual Benefits Corp. chief Joel Steinger. The wealthy businessman contends that he orchestrated a campaign to stifle a 1999-2000 statewide grand jury probe by attempting to improperly influence public officials, three knowledgeable sources have told The Miami Herald. The Herald has agreed to maintain their confidentiality...

Word of the corruption investigation by Justice has started to ripple through the state Capitol and South Florida, where speculation is rife about who -- if anyone -- might face indictment, who is talking to the feds and how high the investigation could reach...

But legal observers said that Steinger -- who faces up to 20 years in prison on each of 25 counts -- is pursuing a defense strategy like that of one-time Washington super-lobbyist Jack Abramoff.

Abramoff was indicted on federal fraud charges stemming from his purchase of Broward-based SunCruz Casinos -- then sought to limit his punishment by cooperating with the Justice Department and naming names in a major Washington corruption probe...

Huck's father, U.S. District Judge Paul Huck, recused himself from the Steinger fraud case after it was assigned to him. Another federal judge, Marcia Cooke, who once worked in the administration of Gov. Jeb Bush, also recused herself from the case. It ended up with Jordan.

Former U.S. Attorney R. Alexander Acosta, who recently left the post to become the dean of Florida International University's law school, and his successor, Acting U.S. Attorney Jeffrey Sloman, also recused themselves from supervising the Steinger fraud case...

http://www.tcpalm.com