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$7 billion Ponzi scheme

R. Allen Stanford of Texas was convicted of bilking investors out of more than $7 billion in a Ponzi scheme. He took investor money to buy a castle in Florida, a yacht in the Caribbean and to bankroll a $20 million prize for an international cricket tournament. When the government shut him down, he was broke, so taxpayer dollars paid for his defense.

Read Jury convicts Stanford in $7 billion Ponzi scheme, on MSNBC.msn.com.

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10 Comments on "$7 billion Ponzi scheme"

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  1. Ox Drover says:

    Oh, well, guys, I don’t think the good Lord wants me to be rich or to invest in stocks…the only time I ever invested was some “inside information” and I made money only to lose it back in some un-inside non-information. LOL I play it safe with my bucks and I guess that’s the reason I had anything left, “neither a borrower nor a lender be..” can’t remember who said it, but he was smart…”I don’t borry and I don’t lend out”—if someone asks for a “loan” I give them what I figure I can do without and if I get it back fine, if not, fine, I’m not out more than I can afford to lose. I seldom get it back….but funny thing is, it is a cheap way to find out who your friends are. LOL Cheapest I ever “lost a friend” over was $56 and it was well worth it. LOL

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