The Anatomy of an Alleged Fraud: "The SEC hasn’t yet charged Allen Stanford with a crime, but it would seem the regulator is getting much closer, especially after the mountain of damning findings that the court appointed receiver, Ralph Janvey, filed in a Dallas court Friday.
The court filing includes revealing details about how the Stanford companies operated. For starters, the company had locations in 100 different places around the world and more than 200 different accounting systems, most of which didn’t report centrally. “In contrast to a conventional multi-tiered corporate structure, the stock of almost half of these entities was owned directly by Allen Stanford,” reads the report. And “rather than through a central holding company … the structure was seemingly designed to obfuscate holdings and transfers of cash and assets.”"
The court filing includes revealing details about how the Stanford companies operated. For starters, the company had locations in 100 different places around the world and more than 200 different accounting systems, most of which didn’t report centrally. “In contrast to a conventional multi-tiered corporate structure, the stock of almost half of these entities was owned directly by Allen Stanford,” reads the report. And “rather than through a central holding company … the structure was seemingly designed to obfuscate holdings and transfers of cash and assets.”"
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