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Fraud Essay

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Below is an essay on "Fraud" from Anti Essays, your source for research papers, essays, and term paper examples.

Robert Allen Stanford was a former prominent financier located in Houston, TX and a sponsor of professional sports, who is serving a 110-year prison sentence having been convicted of charges that his investment company was a massive Ponzi scheme and fraud. Stanford was the chairman of the now defunct Stanford Financial Group of Companies. A fifth-generation Texan who once resided in Saint Croix, U.S. Virgin Islands, he holds dual citizenship, being a citizen of Antigua and Barbuda and the United States (www.boardsource.org) .
In early 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. Securities and Exchange Commission (SEC) with fraud and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $7 billion in certificates of deposits. The U.S. Securities and Exchange Commission (frequently abbreviated SEC) is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States (http://www.sec.gov/). On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a "massive Ponzi scheme". On March 6, 2012, Stanford was convicted on all charges except a single count of wire fraud.
Average Fraud Perpetrator
Stanford fit the average fraud perpetrator by intentional deception   he made to his investors for personal gain making them believe he was investing their money, so they would have a return on their investment in the future, instead causing damage to an individual because the money was lost. Some potential investors had not bought the assertion that Stanford Financial was a global investment juggernaut, especially those who did due diligence on the Internet and found references to previous SEC fines, deposits by drug cartels, the absence of a well-known auditing firm or a...

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Fraud. Anti Essays. Retrieved December 17, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Fraud-348164.html


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