Billionaire’s FRAUD Shocks the World

While dubbing it as a fraud of shocking magnitude that has spread its tentacles throughout the world, the Securities and Exchange Commission (SEC) charged Billionaire R.Allen Stanford and other executives serving his Company Stanford Financial Group with operating a multibillion dollar fraudulent investment scheme. The complaint filed before a U.S. district Court adds further that  the Antigua-based Stanford International Bank (SIB) had fabricated investment returns in order to market and sell high-yielding certificate of deposits. (CD’s).

The Bank had lured investors with false promises of being able too pay high interest rates because of its unique investment strategy which allowed it to achieve double-digit returns on its investments over the past fifteen years. By this process, the complaint had alleged that SIB had sold about 8 Billion Dollars of CDs in value.

The magnitude of this fraud would make the fraud committed by Raju’s of Satyam in a miniscule proportion.