Sir Allen Stanford

By Jackson Henry

Allen Stanford was born on 3/24/50 in the small town of Mexia, Texas. In 1983, he opened a gym in Waco which went bankrupt. He escaped to Houston leaving his debts behind including a $31,800 judgment. In 1985, Allen opened a bank in Montserrat (Caribbean) but soon fled to Antigua after British crackdown on offshore banking. In Antigua, Allen opened Stanford International Bank, got favors from government officials and Bank Commissioner, Leroy King with bribes and gifts. Soon Allen got into a public “mud throwing” fight with Prime Minister Baldwin Spencer. 

In 2006, Allen convinced the Antigua Honors Committee to Knight him as Sir Allen Stanford. Soon Allen opened a cricket tournament offering the largest prize ever in sports ($20 million) but later caused disputes between him and his sponsors. In 2008, Allen boasted that he raised $15 million for the St. Jude Hospital. But when the record was checked, his donation was only $8 million.

Back in 2001, Allen claimed that he is a descendent of Leland Stanford, the founder of Stanford University. So in 2008, Stanford University sued Allen for trademark infringement and using the school’s good name to profit. The Leland Stanford family denies Allen as their member.

Allen used his bank to raise $7 billion and used the money to buy 6 jets, boats, mansions, cars, hire mistresses, and to support a luxurious lifestyle. Allen bought Maiden Island for a few millions and claimed that it was worth billions. He boasted to build resorts, airports and marina on the island. With billions raised, muscular 6’4” tall body, good looks, the “Sir” title, cash gifts and his Texan charm, Allen easily got support from top officials, including Senator John McCain.

On 2/17/09, 40 FBI and SEC agents raided Allen’s Houston office and closed his business. Allen went into hiding. By 6/18/09, he was caught and sent to a Texas jail where he is said to be “very depressed”. His webs of lies have been exposed and all his glamour was just “show” to fleece depositors. In August, 2009, Allen was sent to the hospital after being beaten up in jail. According to CNBC news, the US is filing a giant lawsuit against Antigua as an accomplice in Allen’s fraud and money laundering crimes. If the US wins, Antigua will be a bankrupt nation. Of the $8 billion Allen stole, only $500 million was found in his bank, the rest went to buy his “toys” and lavish lifestyle. Allen had no real business but a Ponzi scheme. His 50,000 victims from 140 countries are now poorer and mad. Many lost their entire life savings and retirement money.

The moral of Allen’s story is that high officials must be careful when supporting people with checkered past. If they turn out to be scammers, it will haunt the country in the future. As Dr. Phil said, “the best predictor of a person’s future is his past behavior”. I say, if a deal sounds too sweet, it may not be true.

One Comment to “Sir Allen Stanford”

  1. With all due respect, Ambassador, you had some idea that Lord Davidson has a “checkered” past so why did you broker a (bogus) land deal for the poor people of Angaur?

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