Stanford is a prominent financial executive who was sought by U.S. marshalls 2/17/09 and charged with a multi-billion dollar fraud. (SEC Statement)
On 6/18/2009 he was arrested and indicted on criminal charges stemming from his operation of a massive investment fraud operation that bilked thousands.
He was convicted on 3/6/2012: "Stanford Convicted by Jury in $7 Billion Ponzi Scheme"
Stanford was born March 24, 1950 in Mexia, Texas. He is a fifth-generation Texan who resides in St. Croix, US Virgin Islands and holds dual citizenship, having become a citizen of Antigua and Barbuda ten years ago.
Our reasonably certain conclusion about Stanford's religion is derived from indirect evidence. Sperling's provides this data about religious affiliation in Mexia, Texas: 56.71% of the people in Mexia, TX are religious, meaning they affiliate with a religion. 3.64% are Catholic; 47.87% are Protestant; 0.00% are LDS; 5.19% are another Christian faith; 0.00% in Mexia, TX are Jewish; 0.01% are an eastern faith; 0.00% affiliate with Islam.
The SEC Complaint charged:
- Since 1994, Stanford International Bank claims it has never failed to hit investment returns in excess of 10 percent a year.
- In 2008, the bank said its "diversified portfolio of investments" lost only 1.3 percent, while the S&P 500 U.S. stocks benchmark declined 39 percent.
- SEC says the bank's historical returns are "improbable, if not impossible."
- The bank quoted certificate of deposit rates of more than 7 percent during 2005 and 2006, and quoted a 3-year CD at 5.375 percent annual rate in November 2008, against comparable U.S. bank CDs of 3.2 percent.
- Did not disclose that its investment portfolio includes a significant portion in illiquid private equity and real estate investments.