Ponzi Schemer Allen Stanford Raked It in Thanks to Lax Florida Regulations
|via Liz Lomax 3D Illustrations for the Texas Monthly|
If you haven't read the Herald piece, here are some highlights:
- In 1998, Florida's chief banking lawyer tried to prevent Stanford from opening a branch office in Miami, telling state officials he feared Stanford was laundering money at his Antigua headquarters.
- Florida's banking regulators ignored their lawyer's advice.
- Stanford was allowed to not only open a Miami office, but also move investors' money from Florida to Antigua with no reporting or oversight.
The Herald notes powerhouse lawyers from Greenberg Traurig repped Stanford. Based on how he operated in Washington, it's a safe bet his Florida deal wasn't based on powerhouse lawyering alone.