Like Madoff, Stanford Targeted Jews

(CBS)  A report from GlobalPost reveals that R. Allen Stanford's $8 billion Ponzi scheme scammed hundreds of millions of dollars from wealthy Jews and Jewish charities in Latin America. According to the report, over 1,500 victims so far have come forward in lawsuits against Stanford.

"A lawyer representing Latin American victims estimates that half of the one billion dollars lost in Mexico came from the capital's 40,000-strong Jewish population. The smaller Jewish community of Caracas, Venezuela also appears to have been hit hard," the report said.

"In both cities, Stanford - who was called Sir Allen after the Antiguan prime minister knighted him in 2006 - mounted aggressive advertising campaigns and hired Jewish salesmen, who used their connections and trust within the community to bring in money."

The U.S. government's lawsuit against Stanford charged that his company advertised CDs to be purchased through a company bank, Antigua-based Stanford International Bank, and that the funds were used by the financier to acquire private equity investments and real estate. Stanford is awaiting trial on charges he orchestrated a massive Ponzi scheme. He denies any wrongdoing.

Read the summary of the GlobalPost report here. (GlobalPost Passport membership required for the full report.)

[prajaowain]

Nice try T

[formrusmcsgt]

Con men can only run their game on the greedy....

[areuforreal]

very good point. If these investors had not fell for the quick bucks with unrealistic interest rates, they would not have been bilked for their fortunes. Does religion have anything to do with it? I think not. Hugh it would seem you are feeling persecuted as a Jew. This is not 1939 Germany, and not everyone is anti semitic.

[dakotaclark]

Hmmm...

This is all about greed - people falling all over themselves to get in line to earn "big profits." The somewhat wealthy, attempting to become more wealthy. As in, here, take my $150,000 or $500,000 and invest it at 18%... !!!

This, while banks were paying less than 5%. In the long run, ALL of these investors would have done much better by investing in U.S. Bonds.

These 'investors' failed to recognize the early warning. If something sounds too good to be true, it usually is not true, and you better be very careful.

Between Stanford and Madoff, I am very stunned and dismayed that so many people, and institutions, fell victim to the classic Ponzi Scheme.

More than likely, they should rename it the "Madoff & Stanford Scheme."

[anti-global2]

I have been trying to run a ponzi scheme with ACORN supports and members. no wonder I have not made a dime, they are all poor. I know I could get them to fall for it, most have minimal education, but they are also broke. I guess I need to re-think this.
Maybe I'll start targeting people in Pakiastan instead. When i watch the news it looks they they have a pretty high standard of living.

[Oregon_State_OSU]

Well Jewish people are roomered to have lots of money.

[curiously1]

Well.. whom else was he supposed to target? Pakistani cab drivers?

[T-Fed]

Shoot the greedy bast##d(s).

[prajaowain]

Another parasite! All of his money should be taken from him. He should only be allowed to keep as many $100 dollar bills as he could stuff in his A$$.

[quapawsix]

Thanks popeye_1 now I know why the Muslims want to blow up New York

[ekucrew]

It would be interesting to see how much Madoff's investors made in $$$ before the scheme collapsed. All that has been reported was losses, not gains.