Monday, July 6, 2009

The Next Alleged Accomplice in the Stanford Case is the State of Florida

Because we're big fans of reckless disregard for rules that cramp our style, the latest twist in the 2nd most famous Ponzi scheme happens to be especially diabolical.

According to a story in today's Miami Herald, the Florida banking director gave the green light to the Stan's request to create an entity that would be allowed to move money offshore to Antigua without reporting any of the funds to regulators.

This occurred, "Over objections by the state's chief banking lawyer -- including concerns that Stanford was laundering money -- regulators granted sweeping powers never given to a private company."

The Florida banking director that ok'd the creation of Stanford Fiduciary Investor Services admits he screwed the pooch, but... DUDE, concerns about money laundering? Caribbean banks? A Texan who likes cricket? Does any of this smell strange?

Perhaps this is a stretch but maybe, just maybe this guy Art Vandelay Simon was getting greased by Stan to give this sketchy entity structure the big thumbs up. Just putting it out there. It's not like this case can get any weirder.

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