Billionaire and accused con artist R. Allen Stanford was located minutes ago in Virginia. He has been accused of over $8B in fraud for allegedly scamming people by selling them certificates of deposits with infactual rates of return.
Financial nerds will know exactly what this means, but for the rest of us, it just means the guy promised he’d pay back his customers more than he could actually pay them back.
Like, $8 billion more.
Scamford was investigated by the SEC before on several occassions and apparently, everything was cool back then. Public reports show that his firm was slapped with just minor fines instead of the massive fraud charge they face today.
People duped by Scamford will be happy to note that the billionaire’s 120 ft yacht is also being seized as well as his huge mansion that probably dwarfs all of our houses.
But don’t worry. If you’re angry about what Scamford did, you’ll be happy to hear that one of his buddies, lobbyist Ben Barnes has said Scamford is, “very depressed” about the situation.
Good enough for me!