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.

Florida aided Allen Stanford, suspect in huge swindle [Miami Herald]

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Vijay Singh Gives Up Ponzi Scheme Sponsor, Potential Pick Up for a Big 4 Firm with Longevity

Via Clusterstock, "The indispensable Darren Rovell says the Fijian golf god has finally given up the Stanford-wear...Developing..."

This after Clusterstock reported as recently as April 12th that the Vij was still wearing Stanford sponsored shwag.

We got to thinking, shouldn't one of the non-KPMG Big 4 firms pick this guy up? The Radio Station has picked their horse and is perfectly content with consistent 2nd place finishes so one of the other firms should totally get on this guy. Chances are Vij and Lefty don't like each other anyway, so we might as well get some rival sponsorships going as well, hadn't we?

Plus, Vijay is notorious for being a gambler so maybe his pick would indicate who he's got some sweet action on re: which firm will go down first or last (depending on the over/under, obv). Just a thought.

Vijay Singh Stops Wearing Stanford Gear [Clusterstock] Sphere: Related Content

Stanford to Stay in Jail and Get Pumped While Awaiting Trial

A federal judge on Tuesday ruled that Sir Allen Stanford, the Texan businessmen indicted on 21 counts relating to an alleged $7bn Ponzi scheme, will have to remain in custody until his trial. The judge, David Hittner, agreed with prosecutors who had argued that the financier was a "serious flight risk" and could not be relied upon to appear in court if granted freedom on bail.

Stan the Man and his guns show would never think of going on the lam but if that's the way you want it judge, fine. He'll show those Texas cons how to win new clients pump some iron and then he'll have his day in circus court.

[The Stanford Series] Judge rules Sir Allen Stanford must stay in jail pending trial [FT Alphaville] Sphere: Related Content

Stanford Pleads Not Guilty

"Texas financier Allen Stanford pleaded not guilty on Thursday to federal criminal charges that he masterminded a $7 billion fraud." Silver lining: He looks pretty good in orange.

Turning to the sauce (but now on Ativan) to cope with the possibility of going to hell if he's wrong? Guilty as charged.

Allen Stanford pleads not guilty to fraud charges [Reuters] Sphere: Related Content

Please Let There Be a Media Circus of a Trial. PLEASE

Obviously, our favorite news of the day is the surrender of everybody's second-favorite Ponzi mastermind, Allen Stanford.

Stan-the-Man trumps Bernster in our minds for one key reason however: constantly maintaining his innocence. It's one thing to tattoo "fuck it" on your forehead and quite another thing to say, "you all can get fucked".

Stan has already promised to jump into the lake of fire if his business is a Ponzi scheme and has been itching like Courtney Love to turn himself in, so we can get this show on the road.

But his attorney has made the strongest argument:

"'Allen Stanford was not running a fraudulent operation,' Mr. DeGuerin said. He added that, 'the S.E.C. has done more damage to Stanford investors' than Mr. Stanford could have possibly done himself."

Gotta say, the man may have a point.

Regardless, here we are, we've got our big Texas showdown. Between the drug informants, money laundering, and some strange methods of attracting investors, we're watching this one until the bittersweet end.

Texas Financier and Antiguan Official Indicted in Fraud [New York Times]

UPDATE: Dude is appearing in court, circa now.

UPDATE 2, 2:33 MDT: DealBreaker. Possible 375 years. Meh. Sphere: Related Content

You Know, Pleading Guilty and Getting the Whole Thing Over With Just Isn't That Fun

Allen Stanford's attorneys are having a conniption over the $20M fee that the case's receiver is charging for attorneys, a PR firm, and forensic accountants.

At first glance, one would think that $20M is no big whoop, but the SEC and the court-appointed examiner have even complained about the tag.

The slime that is all over this thing is ridiculous. Greed. Drugs. Texas. Awesome.

Stanford lawyers blast receiver's $20 million request [Reuters]
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It's Not Exactly Law & Order SVU...

Bloomberg sheds some light on two professional aspects that are thriving in this jolly good ride we call the United States economy: bankruptcy and fraud.

Lehman. Madoff. Stanford. These are just the sexy ones. Nobody hears about the measly $255 million that WexTrust Capital, LLC allegedly swiped or Sentinel Management Group allegedly using investor money to try and secure a $500 million line of credit while it was losing nearly a $1 billion.

After the poo hits the fan, trustees and receivers get to sell off all the office furniture for cents on the dollar and scramble all over the blue marble trying to find every last dollar that is stashed in a closet in Panama City.

It's nice to know that bean counters, lawyers, etc. are out there looking out for their fellow now broke-as-shit Americans.

The other thing I've noticed is that there's always a cherry on top in these situations. Examples range from the highbrow, like millions spent on priceless artwork, to thousands spent on strippers in a few hours. Really puts the swindled into an even better place.

Someone's entire life savings ended up going to a USC student that went by "Candy" in a few hours in Vegas. Great. Just great.

Bankruptcy Sleuths Find Cash in Trader Receipts for Lap Dancers [Bloomberg] Sphere: Related Content