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Madoff fights to win, gets some cred

Allen Stanford gets kicked around, but Bernie Madoff can clearly throw down some serious smack. While the former's being moved from one facility to another because he's lost some ground on the cell block, Madoff just earned himself some props.

The engineer of the largest (known) Ponzi scheme in history apparently got into an argument with another geriatric inmate at the Butner, North Carolina federal prison. Of course, it was over the stock market. Does it really make sense to outmaneuver a guy who never needed to know what the market was doing to deliver double-digit returns?

Well, push came to shove, as they say, with the "attacker" stumbling and looking up at a mean, mean Madoff. He got up and ran off.

Continue reading Madoff fights to win, gets some cred

Stanford moved after cellblock smackdown

R. Allen Stanford, accused Ponzi schemer, is about to get a new home. Following a fight at Joe Corley Detention Facility just north of Houston, Tex., a judge has ordered that he be moved to a facility in downtown Houston.

The order doesn't seem to be linked to the altercation that occurred last Thursday. Rather, it's to facilitate Stanford's meetings with his court-appointed attorney, Kent Schaffer.

Continue reading Stanford moved after cellblock smackdown

Stanford hospitalized following prison fight

Accused Ponzi scheme perpetrator R. Allen Stanford was hospitalized Thursday following an altercation with another inmate. He was hospitalized in an undisclosed location, according to U.S. Marshals Service spokesman Alfredo Perez, and is expected to be released on Monday.

Stanford, who is 59 years old, sustained only superficial wounds, according to Perez. Given the limited physical damage, the reason for the extended hospitalization is unclear. Stanford's attorney, Kent Schaffer, says that a doctor was going to MRI Stanford but expected problems because of a metal stint. But, he has not linked the MRI to any specific condition.

Continue reading Stanford hospitalized following prison fight

Who is Ralph Janvey? Stanford's victims know he wants a third

Sir Allen Stanford's attorney doesn't like Ralph Janvey, but that's not surprising. The SEC isn't crazy about him either, and U.S. Judge David Godbey told him, "You know everyone in the courtroom is angry with you," according to a report in USA Today.

Janvey has been tasked with taking over and cleaning up the wreckage from Stanford's $7 billion Ponzi scheme -- the second largest known disaster of this kind. Along the way, he's managed to piss off everyone he's encountered. The latest "transgression" is his demand for more than $27 million in fees for his team and the consultants he's hired to track down the missing billions of dollars in Stanford's former empire.

Continue reading Who is Ralph Janvey? Stanford's victims know he wants a third

IRS says it was ripped off by Stanford too

If the allegations are to be believed, Robert Allen Stanford ripped off his investors to the tune of $8 billion and managed to cheat the IRS out of its cut of his ill-gotten gains as well.

The IRS has asked a judge to allow it to continue its efforts to collect $226.6 million in back taxes -- and there may be more to come because Stanford still hasn't filed his 2007 tax return.

Maybe I'm naive in the ways of massive fraud and its tax implications, but here's what I don't understand: Thousands of investors are in all probability out billions of dollars because of Mr. Stanford's alleged conduct. Given that, every penny that the IRS collects from him represents a penny that won't be available to his victims.

Continue reading IRS says it was ripped off by Stanford too

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Last updated: May 28, 2012: 02:11 AM

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