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Texas Ponzi schemer sentenced to 110 years in prison

Allen Stanford of Texas was convicted of orchestrating a massive, $7 billion fraud over two decades. An estimated 17,000 victims were swindled. He was sentenced to 110 years in prison. Read:

Ponzi schemer Allen Stanford gets 110 years, on CNN.com.

‘You, sir, are a dirty, rotten, scoundrel’: Victims’ fury as disgraced financier Allen Stanford is jailed for 110 years, on DailyMail.co.uk.

Story suggested by a Lovefraud reader.



16 Comments on "Texas Ponzi schemer sentenced to 110 years in prison"

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  1. Truthspeak says:

    Donna, thanks for the input. Yes, all funds were drawn from my private account, forgeries & ATM withdrawals. He has NO assets other than the properties that we co-own and a healthy retirement from a State job. All of the money that he took has been spent on various personal interests. So, there’s hardly any point in pursuing it when it all comes down to brass tacks.

    Strongawoman, LOL! I’m pretty “calm,” if you can call it that. I’m just angry. I’m supposed to make ends meet on what roughly amounts to the cost of 2 tanks of gasoline, per week while HE is bringing in enough to take trips, buy new furniture for his apartment, and do whatever he wishes. Meanwhile, I can’t even sort out how to get to my physician’s office for follow-up appointments. I’m simply angry that he’s able to do this without facing a single consequence.

    But….it all boils down to moving on and putting it to rest. Once the divorce is finally frigging OVER, I’ll at least have some idea of what my options might be. Right now, I’m in a state of poverty and limbo that I find truly uncomfortable and humiliating.

    Whatever happens, I’m going to be okay. I’ll be just fine in due time.

    As a complete aside, this is the only “place” that I find this kind of support and encouragement. In the Real World, friends and family really just don’t want to hear about it. They ask how I’m doing, but I don’t feel that they really want to know, either way. It’s beyond their ability to comprehend – how a person can go from what seems like a healthy, loving marriage to discovering that everything – EVERYTHING – was a fraudulent illusion. People simply don’t want to know about this, and I’ve stopped responding to their queries.

    Brightest and most loving blessings to ALL



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  2. Truthspeak says:

    Donna, with regard to his retirement, I will not be able to access those funds until HE retires, as per this State’s retirement policies. That means that I’ll be 80 years old before I ever see the first retirement payment if he continues working. LMAO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! It’s so farking IRONIC!



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  3. strongawoman says:

    Truth,

    Yes I unload stuff here also. I’m embarrassed to admit to most people that I allowed myself to be ripped off so LF is a safe haven where honest feedback and other peeps exp is crucial for me also.

    What about the properties you co own, will they be sold and the money split?….. If you don’t mind me asking.

    I really feel for you but you sound like you are made of strong stuff Truth!! And your sense of humours intact…..funny as sometimes.

    Hope it comes right for you

    It’s so unfair. Maybe he’ll get hit by a truck…..with any luck and then you’ll get everything



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  4. Truthspeak says:

    Strongawoman, I live in a “no fault” State and the properties are deeded in both of our names. However, due to the extreme and aggregious circumstances of his frauds, it is well likely that I will be awarded far more than he thinks. Right now, he’s believing that he’s going to be awarded 1/2 of the properties and that he’s going to “buy out” my half of the one that has been paid for, BY ME, and IN FULL.

    I don’t want him to be hit by a truck. I want him to be involved in a situation that results in his being charged with manslaughter during one of his BDS&M gatherings with random participaths with his face plastered all over the newspaper in his filthy gimp suit. OR, he’ll be charged with a Federal Crime and face prison time – he’d NEVER survive more than a week in prison. Oh, karma will smack him right in his face, in due time. ;}

    Brightest blessings!



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  5. strongawoman says:

    Participaths? Lmao…..

    🙂



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  6. breckgirl says:

    Oxy – in judgment enforcement you can hire a “Judgment Enforcer” which is not usually an attorney. They are a separate group – some more professional than others. They review the case and they also have tools unavailable to the rest of us – and if there is money to be gotten they will find it and collect – if you work with someone good they will be able to assess and tell you if it is worth the time – generally a judgment – depending on where you live of 15K or more is required to make it worth their while. The contract is usually that they get 50% of anything they collect – IF you have a large judgment then you can negotiate down the percentage to 40% or even 35% for large ones in the 100K plus category. The person I recommended earlier is an attorney as well and so cannot be assigned the judgment and will asses a fee in a separate agreement – but he is very good at assessing how recoverable anything is.

    The most unfortunate part of this for Truth – judgment enforcement in Texas is notoriously difficult. They do not allow wages to be attached etc unlike most states that do allow for that.

    What I can suggest (speak with a judgment pro about this) – look at allowing him to buy you out so you get some immediate financial compensation – make sure it is a cash deal and then put a lien on the properties for the judgment if you get one. If there is more than one property and one is paid off – put a lien on that one. It is quite possible you could then recover the paid for property legally. Sweet justice I say!

    I am not an attorney – so what I am suggesting needs to be discussed with a professional IN THIS AREA OF LAW – and again it does not necessarily have to be an attorney – they specialize for a reason.

    Too often people make the mistake of going to the same attorney who wrote their will or does real estate law for things they have little knowledge of – and they end up with poor results. You need to speak to someone versed in this stuff it is a specialty area of law – but I know enough to advise you there are ways to handle this that could get you some relief.

    Do a google search for post judgment recovery specialists – or judgment enforcement in your area / state – call them and get a feel from talking to them if they are people you could work with. If you get a name or two post them and I will have someone check into how good they are for you as usually you want someone who works in your state is most familiar with the law there. I know some people who work in CA and AZ and are top notch. They will tell me if the people you have found are any good. If there is provable fraud it is most definitely NOT something to be discharged in BK.

    Finally – while you may feel like the pension is a long long time away – it is one of the most coveted possessions – he thinks he will retire to easy street – you can at least mess that up for him ad know that some day you could receive something extra at a time he will MOST resent having to fork it over. Living well and happy is the best revenge!

    Of course being done with all complications may be the best course for you and allow you to heal spiritually, emotionally, physically from the ordeal… Only you can know which course of action is best for you.

    Just my $0.02. May unexpected blessings rain down on you!



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  7. BuBuSpidecky says:

    Hi All;
    Yes “Judgement Enforcers” work!!!
    My mother got caught in one of these with “Keller Financial?” I know it was Keller Something and they were a Florida only company and AAA rated for years. Problem was he went Interstate and diversified…Other people/Companies were selling Keller Investments and what you got was not what you were sold. i.e. All they talked about was the “Mobile home Park Fund” that was where the AAA rating was earned and maintained. No mention of car loan fund, general fund, etc. Unbeknownst to me, My Mother put Half of her retirement into Keller. I had urged her to only put 10K into it, Like I did. But No, they talked her into 50K.

    Now this was back in the time when the smallest cell phones were Motorola Flip Phones and the BIG batteries gave you 2-3 hours talk time (Bag Phones were still popular). Well, I had a new 2GB SCSII hard drive and OS/2 and a Phone card. So I called my Computer and recorded the entire presentation. My Battery died just as the Q&A finished and the meeting closed.

    When I got My Bonds in the mail, they didn’t mention anything about the Mobile Home Park Fund, just general investment in Keller Financial. My Mother got the same thing. We looked at her friends bonds that got us into it, and they specifically stated the Mobile Home Park Fund. This is what the Broker sold us, but it’s not what we got. Come to find out the Mobile Home Park Fund was in the process of being sold to a different investor.

    The Keller General Fund was not yet rated and I became upset with the Broker. Tarrying with Him, Buckhead Financial Brokers, for a while I decided to keep the bonds for a year and a half then sell them to some poor soul. Yes it was bad to do, but I only lost $200.00 in interest and got my 10K back. I had earned 600.00 in interest over the life of the bonds while holding them.
    I bought 2 year Bonds, Mom bought 5 Year bonds. I started encouraging her from the beginning to sell and get out. I didn’t like what I saw.

    Mom’s bonds were rolled after 1 year into another Keller Fund and Her Friends into the Auto loan fund. Her friend was the first to fall. The Monthly interest payments stopped without notice 60 days before the Bonds Cashed out. The last interest payment was missed and at the end of the month she was sent a statement showing the fund collapsed.

    My Mother did not learn anything from that. She kept her Bonds with Keller because they were still paying her. I literally Screamed at her to Sell and Get out before this happens to her. She didn’t listen. A year later, the same thing happened to My Mother.

    Lawyers got involved and, well the inverters got back 30 Cent on the Dollar. Over five years in distributions.

    I had secretly called a Judgement Enforcer who was watching this go along. When the end came (The lawyers closed the case) a letter was sent listing all the un-cashed/returned cheques and the amounts. The total was greater than my Mother put in and Her Friend. The total funds were going to be donated to several charities. The Judgement Enforcer went to work and My Mother and Her Friend got back all they had lost and interest thereon.

    Because of my recorded Meeting with the Broker, the Judgement enforcer was able to rip from him all the fees he earned on the sale of Keller Financial investments. I Love Judgement Enforcers. They are Ruthless to the bad guys.

    My Mother is 87 and still working (yes 87) and She’s rocking on. She owns her house again, etc….However,

    I just can’t understand how, at the time 67 Year old, Educated, Long Time Business owner, Mother that knows a con when she sees one, could fall for this?

    Yes, the above post is correct: I have a Dozen Attorney’s I use. They all know what they specialize in, and really nothing else. Attorney’s are just like Doctors. And one of mine referred me to the Judgement Enforcer labeling to him as the “Best Repo Man” I know.

    I Like my Repo Man. He even got the fees I paid to sell out back for me. Later, he saved my 401K because the Manager had applied an unannounced black out period on the accounts, but were still accepting transactions on-line and giving an execution date before the end of the black out period, only to apply them after the black out period when the market was crashing.

    Oh, and he’s not an Attorney, but works with several that do exactly what he tells them to do.

    Cheers,
    BuBu
    P.S. You don’t have to be ‘Educated’ to drive a smart car. Just Knowledgeable.



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