So Now What?
Allan Stanford, one of the recent saviors of St. Croix, has gone missing.
And it‘s no small wonder. Over the past few days, Federal regulators have shut down his headquarters in Houston, TX and Memphis, TN, and frozen his assets everywhere else, including St. Croix.
And now, no one can find him.
Accused of a “massive, ongoing fraud”, Stanford has seen Depression type runs on his banks in Antigua and Caracas, Venezuela – nervous depositors who want their money – NOW – after reports of an 8 billion dollar fraud perpetrated in the sale of certificates of deposits. And that’s only one of the schemes he’s accused of.
Truth is his need to come to the Big Island came at just about the same time that the new government of Antigua became uncomfortable with the financial practices of Stanford. And, like so many times before, we welcomed the man with a briefcase full of money and never considered the motives behind his approach.
So far, 18 people are out of work and all progress has been called to a halt.
And now, no one can find him.
How long before we learn that every invitation is not one we should accept?
Makes you wonder what incentives were delivered to our elected officials to ignore all the signs and welcome this person into our midst with open arms.
What do you think?
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Shortly after this posting, Stanford was apprehended in Virginia.
The questions raised in this soundoff remain – how closely do we in the Virgin Islands investigate those who come with golden promises? And how often have we been burned, when the coins turned out to be base metal instead of gold?
Standford was not apprehended or arrested. He reported to the police station.He is innocent until proven guilty under the American Justice System. We already know that there are scam artists everywhere. The USVI can not prevent unscroupulous outside investors from entering and it is necessary to offer incentives to attract legitimate investors. There are crooks residing here and the following convicted felons were born in the VI: Ann Abramson, Mark Biggs, Dean Plaskette, Al Simmonds and Lucian Moolenard.There many scam artists presently enjoying their ill-gotten wealth.Recall those who got away with the pyramid scam in the Attorney General office? How can one detect a shady character. Con artist are smooth operators. The senators who voted for Act 6905 managed to convince some voters to support them despite the midnight raid on the VI treasury. The rascal billed his grandmother for her own birthday party. The senators who filed charges against Roger Morgan used the government resources to do their malicious deed.The church leaders scam those who place money in the collection plate. The gullible think that they are getting a plot in heaven while the church leaders enjoy a lavish life style.Apparently everyone was blind to the signs. Love is blind and a promise is a comfort to a fool!
We sit here and call out all sorts of names of the crooks and con artists, but lets take it a step further. What about when someone writes a check knowing there is not enough money in their bank account to cover it…is that not fraud (a/k/a being a crook)? That being said, there are A LOT of people that are crooks and con artists, quite a few that are Virgin Islanders!
Indigenous, while your comment may be accurate, it moves away from the point of the posting I believe. The posting asks to question how carefully do we as Virgin Islanders investigate the real value of those who come “bearing gifts.” Stanford had been under investigation for many years prior to this most recent incident and had run into numerous problems in Antigua. We need solid investors who will bring consistent, long-term potential for business and financial growth. Particularly in this trying economic time, let’s exercise a bit more caution the next time someone comes knocking at our door. As for local corruption – that’s a topic for another post, another day.
Every outsider that comes to the VI should be investigated since we evidently are very distrustful of outsiders. Has Standford been found guilty? Even if he is, would it be justification to routinely investigate every potential investor that comes to the VI? Also, consider the fact that a person who has a clean record could become corrupted after being given EDC benefits. Jeffrey Prosser is an example. Standford does not have a criminal record either. The love of money is the root of evil. The rich are always scheming how to get richer, while taking advantage of the poor and stupid.Let’s stop looking for others to solve our economic woes and begin to invest in our own people.
Stanford had lots of baggage in Antigua and our government should have used that as a warning. Instead they chose to greet him like a king because he has a history of throwing money around. That’s the bottom line. Look at how Generation Now was praising him and holding him up as God’s gift to St.Croix but now you can’t hear a peep from them. The greed is not only in the investors but also in the political circles and those who follow in their footsteps.
By the way, where is GENERATION NOW in this fiasco?
Ask his utmost excellency Mr. Albert Bryan, eloquent hood rat leader of Generation Now. No different from Sir Allen – seems like the real thugs around here are wearing suits. The silence is DEAFENING!
FBI arrests Stanford Financial Group exec
Friday February 27, 1:10 am ET
Chief investment officer for Stanford Financial Group arrested on obstruction charge
HOUSTON (AP) — FBI agents have arrested the chief investment officer of troubled Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing a Securities and Exchange Commission fraud investigation.
The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford’s financial group. Stanford was served legal papers by FBI agents last week and ordered to surrender his passport, but has not been charged with a crime.
Pendergest-Holt was arrested Thursday in Houston, where Stanford Financial Group is based. The FBI said she was taken to the federal detention center and would appear in federal court Friday morning for an arraignment.
“She is looking forward to working with the government to get all the facts out and put this behind her,” her attorney Brent Baker said Thursday night.
The government alleges in a federal complaint that Pendergest-Holt obstructed the investigation with some of her answers to SEC investigators’ questions, including failing to reveal to the SEC how much she knew about investments in Stanford International Bank Ltd.
The FBI said in an affidavit that Pendergest-Holt repeatedly misrepresented how much she knew about the bank’s Tier III portfolio, which represented about 81 percent of the bank’s portfolio, and did not let the SEC investigators know that she had learned of a $1.6 billion loan to a shareholder.
The complaint also alleges that Pendergest-Holt did not reveal that she was a member of the bank’s investment committee.
“We appreciate the quick and decisive action of the Department of Justice and the FBI, and thank them for their fine work and cooperation in this matter,” SEC Deputy Enforcement Director Scott Friestad said in an e-mail.
Stanford is accused in civil charges of lying about the safety of investments he sold as “certificates of deposit” and promised unrealistically high rates of return. Regulators also said he faked historical data about other investments which he then used to lure in more investors for the CD products.
Michael Zarich, the company’s senior investment officer, has told authorities he didn’t know where 90 percent of Stanford’s portfolio was invested. Zarich has said he was trained by Pendergest-Holt to deflect questions about the investment strategy while pitching to wealthy clients in Antigua, where the bank was chartered.
When he tried to learn how the money was invested, Zarich has said Pendergest-Holt and Stanford’s deputy James Davis turned him away. Zarich also has said Pendergest-Holt armed him with answers for potential investors worried about the size of Stanford’s tiny, Antigua-based auditor.
Yes Michael I agree with much that is being posted and would like to add that the Virgin Islands is considered one of the most corrupt islands in the Caribbean. As stated in a recent Senate hearing with the Dept. of Education the children cannot even get toilet paper in the bathroom without asking their teachers. The way business is done by this govenment makes it nearly impossible for people to do their jobs. Leaders here abuse their power and are unwilling to make real change to the system. Senators have small clan-like constituancies and are able to get elected year after year without ever getting to the heart of real change that is needed in the Virgin Islands. The leaders have bought into schemes time and time again and many good people that want to come here get burned by this government. All that is left is corruption and an uneducated population that is unable to act. It appears that is the way of the Virgin Islands. The few children that are educated properly leave. The Virgin Islands has not improved in the thirty five years I have spent here. It is sad to see such a beautiful place in the hands of poor leaders within a crippled population that is unwilling to stand up for their rights and their community.
Going back to wat that person said for the record at least he is doing the best he could also I know him personally and he is not a hood rat, he is not a thug.
But I guess that you are one so it makes sense that you dis the people of high authority.
Butguess what what goes around comes back around but only harder.
So keep playing hard ball and you going to see what gone happen to you.
the leader of generation now has his work cut out for him and also as you may recall he is the the head of the Department of Labor so with that being said.
Think of it as it was you in his position and see how it feels to be in charge of not one but two community involved agencies and a very important organization so think about it. OKAY!!!!
Albert, please stop trying to disguise yourself as an empress. You know you weak…you just talk a good talk, thats all. My fearless leader!
For the record–
I have agreed with much of what you have had to say here on this blog. I most certainly have to disagree with your most recent post. His talk is only good to those who don’t know any better (his grammar is atrocious). You apparently missed him blathering on about arbitration agreements and how great they are–i.e. great cost and time saving instruments, etc. He was before the Senate last week. This tool did not have the discretion to realize that these agreements are pro-employer, and that as Commissioner of Labor he should not have given an opinion either way. He likes to hear himself talk and makes no sense most of the time. I have completely tuned out as to workings of the government until we get leaders with the analytical minds necessary to leadus out of this mire.
Finally! Tuned Out, I’m glad someone else on here is seeing the truth. Kudos to you!
in reply 2 for the record this is not albert this is a young black african american woman.
SO U BETA TEK DAT BAC
Evidently, Empress does not have mastery of the English language. I am, therefore, convinced that it is not Albert.Nevertheless, reading the sometimes unintelligible messages by this person is amusing.
LOSSER I.V.I
GO 2 HELL
LOSSER, EMPRESS?
GO 2 SCHOOL!