Trial of Texas Financier in $7 Billion Ponzi Scheme - Printable Version

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Hencredible Casanova - 02-03-2012

Largest financial fraud case since the Madoff scandal...

http://www.businessinsider.com/the-once-...ord-2012-1

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Wizard - 02-04-2012

I wonder how many of the people he defrauded were from recommandations from friends? How many people didn't do their due diligence because this guy was recommend to them by someone they trusted. People lost billions with Madoff this way, and I think it's just another example of how sentiment, or emotion shouldn't be brought into business decisions.

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Cincinnatus - 02-04-2012

Quote: (02-04-2012 06:05 AM)Wizard Wrote:  

sentiment, or emotion shouldn't be brought into business decisions.

Absolutely.

Sentimentality and emotions greatly cloud judgement. Bad news in business, and probably a damnably common cause for business failure. Owner can't let go of a bad idea, can't see that an idea isn't going to work out, can't seem to figure out when it's time to call quits.

Maybe I just don't pay as much attention to the news anymore, but why isn't this commanding the same kind of attention as Madoff?

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Screwston - 02-05-2012



He had to change prisons in late 2009, after a jail fight left him severely injured

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Hencredible Casanova - 03-08-2012

Dude got the guilty verdict.

http://www.economist.com/node/21549964?f..._this_week

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Trial of Texas Financier in $7 Billion Ponzi Scheme - MikeCF - 03-08-2012

Most of his investors knew he was shady.

Just like most of Madoff's investors knew he was shady.

Investors just figured, "Hey, my guy is winning by ripping off other people. Cool."

That's why you should have no sympathy for the "victims."

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Trial of Texas Financier in $7 Billion Ponzi Scheme - 46. - 03-08-2012

Lots of people attempt ponzi schemes, financial fraud and the like, but the really interesting thing about Stanford was how he basically tried to get his own country, corrupting the Caribbean Island country of Antigua. Lol, they even knighted him. Very ambitious, in a nefarious way.

Pirate of the Caribbean
http://www.vanityfair.com/politics/featu...rd200907-2

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Trial of Texas Financier in $7 Billion Ponzi Scheme - MrXY - 03-08-2012

Quote: (03-08-2012 03:04 PM)MikeCF Wrote:  

Most of his investors knew he was shady.

Just like most of Madoff's investors knew he was shady.

Investors just figured, "Hey, my guy is winning by ripping off other people. Cool."

That's why you should have no sympathy for the "victims."

Exactly- this guy was paying rates on jumbo CDs that were far higher than market returns. $100.000+ CDs from offshore banks are bought by sophisticated investors-they knew what was up with this guy for years

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Bad Hussar - 03-09-2012

Quote: (02-05-2012 01:30 AM)houston Wrote:  



He had to change prisons in late 2009, after a jail fight left him severely injured

Shots like this make me surprised Maddof is still alive. There has to be at least one person he ripped off mad enough to try to get a prison gang to do something worse than this to him. Or is he in some sort of luxury prison with other mega-rich?

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Trial of Texas Financier in $7 Billion Ponzi Scheme - Screwston - 03-11-2012

How much time is he getting? I'm pretty sure he'll be in a low security prison. There's no way he'd survive in general population.

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