George Bush's Letter to Allen Stanford:
Larger-than-life alleged Ponzi scammer Allen Stanford appears to have enjoyed a relationship with former President George W. Bush, whose foreign policy was likely a boon to the businessman's transactions in Latin America. Business Insider acquired February 20, 2008 letter in which W. and wife Laura congratulate Stanford on his success in the Virgin Islands. "I send greetings to the gathered in St. Croix, Virgin Islands to celebrate the expansion of Stanford Financial Group," Bush wrote on White House stationery. "To protect their future well-being and that of their families, it is important for individuals to give careful thought to strengthening their financial security."
DALLAS – Texas billionaire R. Allen Stanford, chairman of the troubled Stanford Financial Group, is scheduled to appear in federal court Friday on fraud charges after surrendering to FBI agents in Virginia the day before, officials said.
Authorities plan to unseal an indictment charging Stanford, law enforcement officials said, speaking on condition of anonymity because they were not authorized to discuss the case. Stanford surrendered in Stafford, Va., on Thursday and is to appear in federal court in the state capital, Richmond, on Friday morning, the officials said.
A grand jury in Houston has been investigating Stanford Financial Group. The Securities and Exchange Commission filed civil charges earlier this year accusing Stanford and his top executives of conducting an $8 billion fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank.
The SEC's lawsuit charged that the bank advertised its CDs in a brochure touting a conservative investment philosophy. But instead the bank's portfolio was "misappropriated by Defendant Allen Stanford and used by him to acquire private equity investments and real estate," the suit says.
An amended complaint by the SEC has accused Stanford and his finance chief, James M. Davis, of conducting a "massive Ponzi scheme" in which early investors were paid returns from money put in by later investors. Davis promised in April to cooperate with federal investigators.
