Romney & Son Investigated for 8 Billion Ponzi Scheme -UpdateSubmitted by GBAmerica on Sat, 09/22/2012 - 10:41
Romney & Son Investigated for 8 Billion Ponzi Scheme
News Updated: Sept. 3, 2012 A federal court judge struck down an SEC lawsuit in the R. Allen Stanford 7.2 billion dollar ponzi scheme. The Securities and Exchange Commission tried to sue the Securities Investor Protection Corp., to secure compensation for investors who lost their money. (See: Business Insider link below) US. District Court Judge Robert Wilkins ruled that the SEC failed to prove that investors were victims, under the definition of the law, but that the court is sympathetic. Prosecutors said Stanford used the money for a lavish lifestyle including yachts, a fleet of private jets and sponsoring cricket tournaments.
Although, Allen Stanford received a 110 year jail sentence in the scheme the money was never recovered that thousands of investors lost around the world. As happened with the Wall Street trillions that were lost, no one has ever found out where the money really went, and in this case 7 to 9 billion dollars just plainly disappeared into thin air. Certainly, Stanford did not spend all of 7 billion dollars during his tenure at the bank. The first place to look is in the Caribbean, namely the island of Antigua where Stanford had his bank and other islands just to give investigators a hint, the money can still be recovered if they started looking for it.
Mitt Romney and his son Tagg Romney have been implicated in a 8.5 billion dollar ponzi scheme with Wall Street investors Allen Stanford and James M. Davis.
The pair are not cleared including their three partners in a court document verified, ongoing legal proceeding involving selling fraudulent CD’s to potential investors.