The High Fliers of the Stanford Financial Group

The Globe and Mail of Toronto published the names of those on the advisory board of the Stanford Financial Group.  Included are people normally not considered part of the seamy crowd.  

Luis Giusti, former chief executive officer of Venezuela's state oil company, Petroleos de Venezuela SA.

Peter Romero, a former U.S. ambassador to Ecuador

Adolf Ogi, former president of Switzerland

Jorge Castaneda, former secretary of state of Mexico

Alfredo Arízaga, former minister of finance of Ecuador

Lee Brown, former mayor of Houston and drug czar during the Bill Clinton administration.

Courtney Blackman, a former diplomat in Barbados

see "Stanford's Movers and Shakers," Globe and Mail, February 26, 2009

in Spanish: "Jorge Castañeda, exasesor de Stanford, el defraudador," Proceso.com.mx. February 26, 2009

More Fraud: This Time in Houston

How many mortgages could be saved with the money Stanford Financial probably stole?

New York Times:

"Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered Stanford Group’s two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases."
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U.S. Accuses Texas Financial Firm of $8 Billion Fraud
By CLIFFORD KRAUSS, PHILLIP L. ZWEIG and JULIE CRESWELL
Published: February 17, 2009

HOUSTON — The Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group, on Tuesday of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.

In the complaint, filed in Federal District Court in Dallas, the S.E.C. accused Mr. Stanford and two associates — James M. Davis, a director and chief financial officer of Stanford Group and the Antigua-based bank affiliate, and Laura Pendergest-Holt, the chief investment officer of both organizations — with misrepresenting the safety and liquidity of the uninsured C.D.’s.

The C.D.’s were sold by Stanford International Bank through the firm’s registered broker-dealer and investment adviser, which are in Houston. Both the bank, which claims $8.5 billion in assets and 30,000 clients in 131 countries, and the brokerage unit, which operates about 30 offices in the United States, were named in the S.E.C. suit. Stanford Financial asserts that it advises about $50 billion in assets.

Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered Stanford Group’s two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases. Stanford group’s headquarters are in two offices in Houston, one within a tower of the Houston Galleria shopping mall, and the other across the street...more