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Shoe story media missed

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  • #31
    Re: Shoe story media missed

    http://www.bloomberg.com/apps/news?p...d=a_wEjSEl2u58

    Stanford Indicted in $7 Billion Scheme With Antiguan Regulator

    By Bill McQuillen, Justin Blum and Laurel Brubaker Calkins

    June 20 (Bloomberg) -- Texas financier Allen Stanford was indicted with a former Antiguan regulator on charges they helped direct a $7 billion fraud that U.S. prosecutors said put the “integrity of the markets” at risk.

    Also charged yesterday in a 21-count indictment was Gilbert Lopez, the chief accounting officer at Stanford Group, and Laura Pendergest-Holt, Stanford’s chief investment officer, who was previously charged with obstruction. Stanford, 59, faces charges of conspiracy to commit securities, mail and wire fraud.

    Stanford was arrested June 18 in Fredericksburg, Virginia, at his girlfriend’s home. He appeared yesterday before a federal magistrate in Richmond, who ordered him sent back to Texas for a hearing on whether he should be held without bail. U.S. Magistrate Judge Hannah Lauck asked Stanford, who appeared in court wearing dark pants, a white, open-collar shirt, no jacket, tie or belt, whether he wanted to return.

    “To go to Texas? Yes ma’am,” Stanford responded. Earlier, he repeatedly shook his head as the charges against him were read. He was led away in leg irons by two U.S. marshals.

    The scam used Stanford’s bank in Antigua and alleged bribes to officials there to defraud at least 30,000 investors through the sale of certificates of deposit, the Justice Department said. The main indictment, filed in Houston federal court, names Stanford, Pendergest-Holt, 35, and Lopez, 66. Mark Kuhrt, 37, Stanford’s former global controller, and Leroy King, 63, were also charged.

    Antiguan Regulator

    King is the former administrator and chief executive officer of Antigua’s financial services regulatory commission.

    A woman who answered the telephone at the commission declined to comment.

    “Stanford’s investors were simply looking for safe investments and low risk,” said Robert Khuzami, director of the U.S. Securities and Exchange Commission’s Division of Enforcement, at a news conference yesterday in Washington. “With Stanford they thought they had found such an opportunity. But what they actually found was a complicated array of phony financial statements, fabricated performance and sham audits.”

    A second indictment, filed in federal court in Miami, names Bruce Perraud, 42, who was employed as a “global security specialist” for Stanford in Fort Lauderdale, Florida. A criminal information, filed in Houston, named James Davis, 60, the company’s chief financial officer.

    Lopez and Kuhrt appeared yesterday in federal court in Houston and were each released on $100,000 bond. They are to be arraigned June 25.

    ‘Misused and Misappropriated’

    Stanford “misused and misappropriated” assets, including diverting at least $1.6 billion into undisclosed personal loans to himself, said Assistant U.S. Attorney General Lanny Breuer. The scam put the “integrity of the markets” at risk, he said.

    Stanford faces as much as 20 years in prison if convicted of the most serious counts. In a statement, his defense lawyer, xxxx DeGuerin, said he will fight the charges.

    “The present insolvency of the Stanford Companies was caused by the SEC’s heavy-handed actions, which have destroyed and continue to destroy much of the value of the Stanford Companies and consequently, the interests of investors,” he said in the statement.

    Pendergest-Holt “will surrender to a summons in Houston some day next week,” Dan Cogdell, her lawyer, said on June 18.

    The 57-page Stanford indictment contains 21 counts, including conspiracy to commit mail, wire and securities fraud, as well as 10 counts of mail fraud and a single count of conspiracy to commit money laundering. Stanford, Pendergest-Holt and King are also charged with conspiracy to obstruct an SEC investigation.

    Alleged Fraud

    The SEC sued Stanford, Pendergest-Holt and Davis in February, accusing them of running the alleged fraud through Antigua-based Stanford International Bank Ltd.

    Yesterday, the SEC said King helped Stanford conduct a Ponzi scheme in exchange for bribes.

    King ensured the regulator “looked the other way” and conducted sham audits and examinations of Stanford’s Antiguan bank, the SEC alleged in court papers filed in federal court in Dallas. The agency asked the court to add King and two Stanford accountants to its lawsuit filed earlier this year.

    The Stanford Group Co. sold $8 billion of certificates of deposit in Stanford International Bank. The company’s network of financial advisers told clients their money would be placed primarily in easily sold financial instruments monitored by more than 20 analysts and audited by Antiguan regulators, according to the SEC lawsuit.

    ‘Vast Majority’

    Instead, the “vast majority” of the portfolio was managed by Stanford and Davis, who invested much of it in private equity and real estate, according to the regulatory agency.

    Davis is cooperating with prosecutors, said his lawyer, David Finn.

    “Davis will accept full responsibility for his actions,” Finn said, adding that he is in plea negotiations.

    According to the criminal information filed yesterday against Davis, “The defendant and his conspirators would create false books and records containing artificial values” for the Stanford International Bank portfolio.

    The bank touted “improbable, if not impossible” returns, the SEC said in its earlier complaint.

    Richmond Magistrate

    Christina Sarchio, Stanford’s attorney at the hour-long hearing yesterday in Richmond, said her client wasn’t a flight risk and that the government has known his whereabouts for months.

    “His assets are frozen, he has no money, no means of fleeing,” Sarchio said. “He’s certainly no danger to the community.” Stanford had planned to make arrangements to voluntarily surrender himself in Houston prior to his detention, his lawyers said.

    Steven Tyrrell, the chief of the Justice Department’s fraud section in its criminal division, said he was concerned Stanford would be in a position to obstruct justice if not in jail, as he had already “paid thousands of dollars in bribes.”

    Tyrrell said Stanford is a flight risk based on the $1 billion that allegedly remains unaccounted for.

    “The defendant is a serious risk of flight,” the prosecutor said.

    Cogdell, who is representing Pendergest-Holt and Lopez, said he will step down as Lopez’s lawyer.

    “Lopez absolutely maintains his innocence, and he believes the facts will bear that out,” Cogdell said.

    At a bail hearing yesterday in Houston, Cogdell told U.S. Magistrate Judge Frances Stacy that Lopez is unemployed.

    ‘Not Going Anywhere’

    Kuhrt responded when Stacy asked for a cosigner on his bond that he had voluntarily moved “back from St. Croix, my family is here, I’m not going anywhere.”

    Stacy insisted Kuhrt’s mother co-sign his bond. Kuhrt and Lopez have surrendered their passports and the judge required them to find “verifiable” employment.

    Kuhrt told Stacy he had been living on unemployment benefits of $459 per week until one week ago when he took a new job with a waste disposal company.

    Stacy said she would appoint court representation for him. Lopez will have a new attorney by next week, Cogdell told the court.

    Florida Appearance

    Perraud is accused of hiring a commercial document shredding company to destroy a 95-gallon bin full of Stanford business records on Feb. 25, nine days after U.S. District Judge David Godbey in Dallas had issued an order barring Stanford group officers and employees from destroying or removing any books and records, according to court papers.

    Perraud made his initial court appearance yesterday before U.S. Magistrate Judge Douglas Frazier in Fort Myers, Florida, said Steve Cole, a spokesman for Tampa-based U.S. Attorney A. Brian Albritton. Perraud was released on a $100,000 bond and will be arraigned in Fort Lauderdale, Cole said.

    Pendergest-Holt was arrested by FBI agents on Feb. 26 and was charged with obstructing the SEC’s probe by making misrepresentations to its representatives while under oath.

    On May 14 she entered a plea of not guilty before U.S. Magistrate Judge Mary Milloy in Houston. The judge set a trial date of July 20 before U.S. District Judge Vanessa D. Gilmore.

    Stanford, a Mexia, Texas, native, was knighted by the government of Antigua and Barbuda in 2006. He has publicly asserted his constitutional right against self-incrimination and refused to testify or provide documents to investigators.

    Stanford has said he did nothing wrong.

    “I’m not a damn swindler,” he told Bloomberg News in April.

    605th Richest Person

    Ranked by Forbes Magazine’s last year as the 605th richest person in the world, he had an estimated net worth of at least $2 billion, according to a March 2008 filing in a Florida paternity case brought by a mother of two children.

    Godbey, who is presiding over the SEC case, in February froze the assets of the Stanford companies and those belonging to Stanford, Davis and Pendergest-Holt.

    Sixteen members of Congress asked on June 18 for the SEC to release all documents in the Stanford probe. In a letter to SEC Chairman Mary Schapiro, they requested internal memos and information the agency received discussing potential wrongdoing by Stanford and his associates.

    The lawmakers also called for an audit of all expenses incurred by Dallas lawyer Ralph Janvey in his role as the receiver appointed to recover funds for Stanford’s clients.

    The SEC case is Securities and Exchange Commission v. Stanford International Bank, 09cv00298, U.S. District Court, Northern District of Texas (Dallas). The criminal case is U.S. v. Stanford, 09cr00342, U.S. District Court for the Southern District of Texas (Houston).

    To contact the reporters on this story: Bill McQuillen in U.S. District Court in Richmond, Virginia, at bmcquillen@bloomberg.net; Justin Blum at the U.S. Department of Justice in Washington at jblum4@bloomberg.net; Laurel Brubaker Calkins in Houston federal court at laurel@calkins.us.com.

    Last Updated: June 20, 2009 00:01 EDT
    Between childhood, boyhood,
    adolescence
    & manhood (maturity) there
    should be sharp lines drawn w/
    Tests, deaths, feats, rites
    stories, songs & judgements

    - Morrison, Jim. Wilderness, vol. 1, p. 22

    Comment


    • #32
      Re: Shoe story media missed

      http://voices.washingtonpost.com/44/....html?wprss=44


      President Obama tees off his round of golf Monday as, from left, his friend Eric Whitaker, presidential aide Marvin Nicholson and UBS Americas president Robert Wolf await their turn. (AP Photo/Alex Brandon).


      By Michael D. Shear
      MARTHA'S VINEYARD, Mass. -- One of President Obama's golfing buddies Monday was a top donor to his campaign and the president of a bank at the center of a U.S. investigation into illegal tax shelters.

      Robert Wolf, the president of UBS Americas, a Swiss-based bank, joined Obama at the elite, and difficult, Farm Neck Golf Club in Oak Bluffs. Deputy press secretary Bill Burton described the two men as "friends."

      According to news reports, Wolf and Obama met late in 2006 as the then-Illinois senator was about to launch his presidential bid. Wolf raised more than $250,000 for Obama's presidential bid, according to a Post report last year.

      But Wolf's firm was caught up last year in a Senate probe of financial firms that attempted to shield millions of dollars in offshore accounts from U.S. taxes.

      Last August, the Post reported, "The Senate Permanent Subcommittee on Investigations completed its report on UBS's role in helping wealthy investors shield money from federal taxes. Bank spokeswoman Rohini Pragasam said the donations were "categorically not
      connected" to the Senate inquiry. The bank also is under scrutiny by the IRS and the Justice Department."

      Just last week, though, the bank announced a settlement with the Internal Revenue Service. In a release, the bank said the settlement will affect about 4,450 accounts, adding, "UBS will send notices to affected US persons encouraging them to participate in the IRS's voluntary disclosure practice."

      "This agreement helps resolve one of UBS's most pressing issues," UBS Chairman Kaspar Villiger said. "I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service."

      Obama golfed 18 holes with Wolf and two others Monday, spending about five hours on the links. He left the golf course at about 6 p.m. Eastern time, passing people who waved on the way home.

      Seen along the way: horses, ponds, lots of greenery, one sign welcoming Obama family, and gas advertised at $3.27 a gallon.
      Between childhood, boyhood,
      adolescence
      & manhood (maturity) there
      should be sharp lines drawn w/
      Tests, deaths, feats, rites
      stories, songs & judgements

      - Morrison, Jim. Wilderness, vol. 1, p. 22

      Comment


      • #33
        Re: Shoe story media missed


        Shoe message gets NFL baller 25k fine. http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190319

        Former Interior Department secretary Gale Norton investigated by Department of Justice in oil corruption probe. http://www.wtkr.com/news/nationworld...,5484548.story

        IRS extends deadine for those cheating on their taxes via offshore bank accounts from September 23, 2009 to October 2009. http://www.miamiherald.com/business/story/1245263.html

        Lloyds of London under scrutiny by UK tax authorities for allegedly luring wealthy customers to avoid UK tax via accounts in Hong Kong. http://www.guardian.co.uk/business/2...ce-allegations

        Andorra freezes bank accounts linked to Hugo Chavez as part of U.S. led, international investigation into terrorism financing. http://www.bloomberg.com/apps/news?p...d=aXPekdUBGh38


        Pitt makes fashion statement with monogrammed shoes.
        Between childhood, boyhood,
        adolescence
        & manhood (maturity) there
        should be sharp lines drawn w/
        Tests, deaths, feats, rites
        stories, songs & judgements

        - Morrison, Jim. Wilderness, vol. 1, p. 22

        Comment


        • #34
          Re: Shoe story media missed

          UK finance minister Darling proposes blacklist for regulatory and tax havens (i.e. countries whose regulatory systems pose a risk to global financial system) at G-20 meeting today in Pittsburgh, PA. http://www.bloomberg.com/apps/news?p...d=a5NSEgQewNpI
          Between childhood, boyhood,
          adolescence
          & manhood (maturity) there
          should be sharp lines drawn w/
          Tests, deaths, feats, rites
          stories, songs & judgements

          - Morrison, Jim. Wilderness, vol. 1, p. 22

          Comment


          • #35
            Re: Shoe story media missed





            http://www.tnr.com/article/economy/t...risis?page=0,0



            http://media.www.gwhatchet.com/media...-3782069.shtml
            Between childhood, boyhood,
            adolescence
            & manhood (maturity) there
            should be sharp lines drawn w/
            Tests, deaths, feats, rites
            stories, songs & judgements

            - Morrison, Jim. Wilderness, vol. 1, p. 22

            Comment


            • #36
              Re: Shoe story media missed





              "The show predicted the future of at least one real person: we’re told that Kobe Bryant has torn a ligament and is out for the rest of the season. On April 29, 2010, the Los Angeles Lakers will only have three regular-season games left, but that will definitely hurt them for the playoffs."
              http://artsbeat.blogs.nytimes.com/20...itish-accents/
              Last edited by freakyfreaky; 09-27-2009, 10:30 AM.
              Between childhood, boyhood,
              adolescence
              & manhood (maturity) there
              should be sharp lines drawn w/
              Tests, deaths, feats, rites
              stories, songs & judgements

              - Morrison, Jim. Wilderness, vol. 1, p. 22

              Comment


              • #37
                Re: Shoe story media missed



                Charles Dharapak / The Associated Press: Aides hold up their hands to demonstrate what a basketball jump shot is as President Barack Obama makes an opening statement during his meeting with China's president in New York on Tuesday.





                http://www.citizen-times.com/apps/pb...plate=printart

                Rep. Shuler faces Obama on the basketball court

                STAFF AND WIRE REPORTS

                You could call it the Obama All-Stars vs. the Capitol Hills.

                President Barack Obama and a few members of his Cabinet played basketball Thursday night at the White House with a handful of House members, two of them Republicans.

                Rep. Heath Shuler was one of about 16 who played a pick-up basketball game with Obama on Thursday evening for about an hour and a half. Other players included: Secretary of the Treasury Tim Geithner, Secretary of the Interior Ken Salazar, Rep. Brad Ellsworth, D-Ind., Rep. John Shimkus, R-Ill., and Rep. Rick Larsen, D-Wash.

                “The President is really good. He runs the court,” said Rep. Shuler, D-N.C. “And despite being the President, he’s not shown extra deference on the court.”

                Obama picked the teams and always chose his personal aide Reggie Love, who played football and basketball at Duke University, said Shuler, who ended up guarding Love. The only game Obama lost was when his team played the Blue Dogs, said Shuler, the Blue Dog whip.

                “I had a great, great time. The president kept wanting to play another game, and we couldn’t say ‘no,’” said Shuler, who rushed to make his flight home still in his gym shorts.

                "We ran into a president with some serious game," said Rep. Jay Inslee, D-Wash.
                Obama had "a sweet crossover move" and appeared to be in great shape, Inslee said. "He put a real nice move on me and beat me along the base line."

                On the president's team were Treasury Secretary Timothy Geithner, Education Secretary Arne Duncan, Interior Secretary Ken Salazar and Housing and Urban Development Secretary Shaun Donovan. Also playing with Obama was his personal assistant, Reggie Love, once a forward for the Duke Blue Devils.
                The game was closed to the press. Expected on the House side were Democrats Mike Arcuri of New York, John Boccieri of Ohio, Brad Ellsworth and Baron Hill of Indiana, Inslee and Rick Larsen of Washington state and Frank Kratovil of Maryland, Patrick Murphy of Pennsylvania. Republicans invited to play were Jeff Flake of Arizona and John Shimkus of Illinois.

                After playing with Obama, Inslee said, "I'm glad we could take his mind off the turmoil in the world for an hour and a half."

                Earlier in the day, reporters asked White House press secretary Robert Gibbs why no women were invited to play, a point Gibbs called "well taken."

                "The president, obviously, is someone who, as the father of two young daughters, has an avid interest in their competing against anybody on the playing field" Gibbs said. "The president's certainly played basketball and other sports with women in the past, and I anticipate he'll do so in the future."

                http://news.yahoo.com/s/bloomberg/20...aoxjwos2fz5o_1
                Last edited by freakyfreaky; 10-12-2009, 11:43 PM.
                Between childhood, boyhood,
                adolescence
                & manhood (maturity) there
                should be sharp lines drawn w/
                Tests, deaths, feats, rites
                stories, songs & judgements

                - Morrison, Jim. Wilderness, vol. 1, p. 22

                Comment


                • #38
                  Re: Shoe story media missed

                  Between childhood, boyhood,
                  adolescence
                  & manhood (maturity) there
                  should be sharp lines drawn w/
                  Tests, deaths, feats, rites
                  stories, songs & judgements

                  - Morrison, Jim. Wilderness, vol. 1, p. 22

                  Comment


                  • #39
                    Re: Shoe story media missed





                    Back before Julian Assange and wikileaks.org was a household name and was internationally known for scouring opaque governments and mainstream media, a judge up in Northern California tried to shut down their domain name after they released sensitive information about Julius Baer bank (Switzerland), its dealings in the Cayman Islands and its clients.

                    http://www.dailykos.com/story/2008/2...784/766/458936
                    http://news.bbc.co.uk/2/hi/technology/7250916.stm
                    http://www.aclunc.org/cases/active_c...ikileaks.shtml
                    http://en.wikipedia.org/wiki/Bank_Ju...ileaks_lawsuit
                    Last edited by freakyfreaky; 12-19-2010, 10:10 PM.
                    Between childhood, boyhood,
                    adolescence
                    & manhood (maturity) there
                    should be sharp lines drawn w/
                    Tests, deaths, feats, rites
                    stories, songs & judgements

                    - Morrison, Jim. Wilderness, vol. 1, p. 22

                    Comment


                    • #40
                      Re: Shoe story media missed



                      Deutsche Bank comes clean, admits to criminal wrongdoing and agrees to pay mare than $553 million to US authorities for its role in helping rich Americans evade taxes between 1996 and 2002 in exchange it will avoid prosecution for participating in roughly 15 tax shelters involving more than 2,100 customers including shelters marketed by accounting firm KPMG LLP and defunct law firm Jenkens & Gilchrist PC.
                      http://online.wsj.com/article/SB2000...692111074.html
                      http://dealbook.nytimes.com/2010/12/...illion/?src=me
                      http://blogs.forbes.com/williampbarr...mepagechannels
                      Between childhood, boyhood,
                      adolescence
                      & manhood (maturity) there
                      should be sharp lines drawn w/
                      Tests, deaths, feats, rites
                      stories, songs & judgements

                      - Morrison, Jim. Wilderness, vol. 1, p. 22

                      Comment

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