Stanford Invented Insurer for Offshore Bank, Prosecutor Says
(Updates with advertising executive’s testimony in 24th paragraph.)
Jan. 25 (Bloomberg) -- R. Allen Stanford failed to tell a financial adviser he hired for his first offshore bank that the insurer he selected for the institution was a company he created, a federal prosecutor said at the financier’s inves
Assistant U.S. Attorney William Stellmach made that claim today while questioning the adviser, Michelle Chambliess, on the first day of testimony at the federal courthouse in Houston.
Chambliess said she was one of Stanford’s first hires in 1987, at Guardian International Investment Services, a U.S.- based sibling of Stanford’s Montserrat-based Guardian International Bank Ltd. Guardian was the precursor to Stanford International Bank Ltd., the Antiguan entity at the heart of Stanford’s alleged $7 billion fraud.
Stanford told her he’d obtained insurance for the bank from a carrier called British Insurance Fund Ltd., which appeared to be an independent U.K.-based company.
“Did he ever tell you it was a shell company he had set up?” Stellmach asked.
“No,” Chambliess replied.
‘Any Difference’
“Would that have made any difference to you?” he asked.
“Absolutely,” she said. “Then there wouldn’t be insurance.”
The Guardian bank later moved to Antigua, where it was renamed. Stanford is charged with wire fraud and mail fraud, crimes that carry maximum sentences of 20 years in prison, as well as obstruction of an SEC investigation. U.S. District Judge David Hittner has said the trial may last about six weeks.
Stanford, 61, told the jury yesterday he isn’t guilty. Today, wearing a double-breasted navy suit and a light blue shirt, he occasionally pursed his lips and shook his head as he watched his ex-employees testify against him.
Personal Loan Us - News
The ex-employee said a disclosure in the company's 1998 annual report indicated Stanford repaid the personal loan in full, along with $480000 interest. She said there were no subsequent disclosures of lending to Stanford or any of his companies and
Separately, Indiana's fourth-quarter earnings came in well above analysts' expectations as net charge-offs and loan losses dropped. Piper Jaffray Cos. (PJC, $21.21, -$3.57, -14.41%) swung to a fourth-quarter loss on a more than $100 million impairment
Costa also accused Stanford of using up to $2 billion of investors' money as personal loans to buy homes and yachts and fund cricket matches. "He treated depositors' savings like it was his own personal piggy bank," he told the jury.
by Evan Bedard on January 24, 2012 in Personal Loans (Source: The Wilson Daily Times, NC) - On Jan. 9, US Department of Agriculture Secretary Tom Vilsack declared a natural disaster in North Carolina based on losses caused by tornadoes that occurred
And so in addition to that as bank supervisors we have considerable interest in servicing, loan modifications, in delinquencies and all the aspects of mortgage lending." BERNANKE ON ECONOMIC OUTLOOK: "Strains in global financial markets continue to
Secured Loans – Making one of the most of the Home as Collateral ...
The phrase ‘tailor-made’ ought to be produced for personal loans. Personal loans have turn out to be reasonably simple to acquire in UK. Far more and more loan providers have come forward to supply personal loans in UK and that too with innovative modifications to include anyone in its circumference.
Let us begin using the definition of personal loans. Personal loans are loans which are supplied by economic institutions for any personal financial purpose. The monetary institutions providing personal loans in UK incorporate banks, developing societies, loan lending companies and so on.
Secured loans are a loan which is backed by collateral. Secured loan is offered against the guarantee of something substantial be it house or any concrete property. It enables us to obtain loans based on our wants and also get them great offers for effortless repayment. Self employed and unemployed also have a likelihood to acquire Business Loans for they have collateral to back their demands. The notion of having collateral to back your claims for loan increases your claim as an applicant for loan. When a single applies for a secured loan, he signs an agreement which is referred to as a security agreement. This agreement increases the interest from the lender for he features a security against which he is giving his funds. Thus his danger in lending money is considerably lowered, in case of any default.
Secured loans are much more easily accessible to those with a poor credit record. This signifies that persons who’re self-employed, or who have not too long ago altered jobs, or who have adverse credit (ccjs, arrears, defaults, etc.) can take out a secured loan.
You are able to borrow larger amounts and repay over a longer period. The amount accessible normally ranges from £3,000 to £50,000, despite the fact that some lenders will consider lending far more. Compare this to Unsecured Loans where you happen to be only allowed to borrow up to £25,000. Should you wish to borrow a larger quantity or if you require a longer period in which to repay the loan, secured loans might be probably the most appropriate for you.
RT @: estelle unsecured personal loan 
RT @: estelle unsecured personal loan 
RT @: estelle unsecured personal loan 
RT @: estelle unsecured personal loan 
RT @: estelle unsecured personal loan