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Stanford Indict

Stanford Indict

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Published by: editorial.online on Mar 06, 2012
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03/15/2012

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UNITEDSTATESOFAMERICA
§§§§§§§§§§
§§
§§§§
v.
ROBERTALLENSTANFORDa/k/aSirAllenStanforda/k/aAllenStanford,LAURAPENDERGEST-HOLTa/k/aLauraPendergesta/k/aLauraHolt,GILBERTOLOPEZ,MARKKUHRTandLEROYKING,Defendants.
UnitedStatesDistrict
Court
SouthernDistrictof
Texas
FILED
JUN182009
MilihilelN.
Mil~y,
Clurk
Cr.
NoH-
09-
342
UNDERSEALINDICTMENTTheGrandJuryCharges:AtalltimesmaterialtothisIndictment,unlessotherwisespecified:COUNTONEConspiracytoCommitMail,WireandSecuritiesFraud(Violationof18U.S.C.
§
371)RELEVANTPERSONSANDENTITIES1.StanfordFinancialGroup(SFG)wastheparentcompanyofStanfordInternationalBank,Ltd.andawebofotheraffiliatedfinancialservicesentities,
 
includingStanfordGroupCompany.SFGmaintainedofficesinseverallocations,includingHouston,Texas,Memphis,Tennessee,andMiami,Florida.2.StanfordInternationalBank,Ltd.(SIBL)wasaprivate,offshorebankwithofficesontheislandofAntiguaandelsewhere.SIBLwasorganizedinorabout1985inMontserrat,originallyunderthenameofGuardianInternationalBank.Inorabout1989,SIBL'sprincipalbankinglocationwasmovedtoAntigua.3.SIBL'sprimaryinvestmentproductwasmarketedasa"CertificateofDeposit"(CD).SIBLmarketedCDstoinvestorspromisingsubstantiallyhigherratesofreturnthanweregenerallyofferedatbanksintheUnitedStatesfrom2001to2008.Inits2007AnnualReporttoinvestors,SIBLpurportedtohaveapproximately$6.7billionworthoftheCDdepositsandover$7billionintotalassets.InitsDecember2008MonthlyReport,SIBLpurportedtohaveover30,000clientsfrom131countriesrepresenting$8.5billioninassets.4.StanfordGroupCompany(SGC),aHouston-basedcompany,wasfoundedinorabout1995.SGCwasregisteredwiththeSecuritiesandExchangeCommission(SEC)asabroker-dealerandinvestmentadvisor.SGCwasalsoamemberoftheFinancialIndustryRegulatoryAgency,formerlytheNationalAssociationofSecuritiesDealers,andtheU.S.SecuritiesInvestorProtectionInsuranceCorporation(SIPIC).AlthoughSGCandthefinancialadvisersemployed
2
 
bySGCpromotedthesaleofSIBL'sCDsthroughSGC's25officeslocatedthroughouttheUnitedStates,SIBL'sCDswerenotinsuredbySIPICortheFederalDepositInsuranceCorporation(FDIC).5.InAntigua,SIBLwaspurportedlyregulatedbytheFinancialServicesRegulatoryCommission(FSRC),anagencyoftheAntiguangovernment,andwassubjecttoannualon-siteinspectionbytheFSRC.TheFSRCclaimedonitswebsitethatitconductedtheseinspectionstodeterminethesolvencyofthebanks,reviewthequalityoftheinvestments,andreviewtheaccuracyofthebanks'returns.Annually,SIBLprovidedtotheFSRCan"AnalysisofInvestments"reportwhichlistedpurportedvaluesforSIBL'sinvestments.FSRCdidnot,however,auditSIBL'sfinancialstatementsorverifythevalueSIBLascribedtoitsinvestmentsintheAnalysisofInvestments.6.Defendant
ROBERTALLENSTANFORD
controlledSFGanditsaffiliatedcompanies,including,throughaholdingcompany,SIBL.
STANFORD
wasthechairmanoftheSIBLBoardofDirectorsandamemberofSIBL'sInvestmentCommittee.
STANFORD,
amongotherthings,receivedregularupdatesandfinancialreportsontheinvestmentactivitiesofSIBL;madehiringdecisionsforSIBL;madedecisionsaboutwhatrevenueandassetnumberstoreporttoinvestorsandothers;madeinvestmentdecisionsforSIBL;updatedinvestorsandothersabout
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