SEC reports it suspected Stanford Ponzi scheme since 1997

David Benyon
02 Jun 2010

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WASHINGTON, DC – US regulators had been aware Allen Stanford was probably running a Ponzi scheme since 1997, according to a report by the SEC. Published by the SEC’s Office of the Inspector General (IOG), the report blasts the regulator’s enforcement culture, which it says resulted in enforcers at its Fort Worth branch being “reluctant” to investigate Stanford.

“We found senior Fort Worth officials perceived they were being judged on the numbers of cases they brought, so-called ‘stats’, and

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