Stanford: The SEC Moves

The SEC has frozen all the assets of Allen Stanford and his companies, as well as those of his CFO and CIO. I think you can guess why:

The SEC’s complaint, filed in federal court in Dallas, alleges that the defendants have committed an $8 billion fraud… The complaint alleges that acting through a network of SGC financial advisers, SIB has sold approximately $8 billion of so-called “certificates of deposit” to investors by promising improbable and unsubstantiated high interest rates, supposedly earned through its unique investment strategy, which has purportedly allowed the bank to achieve double-digit returns on its investments over the past 15 years. According to the Complaint, the defendants have misrepresented to CD purchasers that their deposits are safe.

More from the complaint when I get it, but this is clearly the end of the Stanford financial empire.

Update: The complaint is here.

Update 2: The official SEC press release (rather than the litigation release) is here.

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