Commercial Real Estate Finance

Posts Tagged ‘credit card defaults’

…for being such scoundrels.

Last week, the New York Times reported on the indictment of R. Allen Stanford, the Texas billionaire accused of running a multi-billion dollar Ponzi scheme. Stanford has sold a huge number of CD’s around the world through a bank he set up in the Caribbean. Allegedly, when selling the CD’s he misrepresented where the purchaser’s cash would be invested to generate the return promised by the certificate. Instead of investing the proceeds in liquid, low-risk assets as he had promised the buyer, Stanford allegedly used the money to make highly speculative investments in real estate and other personal ventures.

Read the rest of this entry »