Ponzi

Here are two stories regarding R. Allen Stanford and his alleged Ponzi scheme. Stanford plead innocent to charges of bilking investors of $7 billion. Leslie Turk and Don Allen share the byline on this story from The Independent. From the article:

Werner believes that hundreds of investors in Baton Rouge and Lafayette have been adversely affected, but not everyone has come forward. “I think they started in Baton Rouge first, got plant workers and retirees to invest, then moved on to Lafayette and perhaps a wealthier clientele. You know, you have $10 million and you lose a million, that’s not good. But you lose a life savings of a few hundred thousand, that’s devastating.”

Jen Degregorio from the Times Picayune wrote this story about the Stanford case that ran yesterday. From the article:

It appears that the Pelican State provided more clients for Stanford than any other state in the nation. Louisiana residents dominate the roster of the Stanford Victims Coalition, said Angela Shaw, director of the group that counts members in 35 states.

Roughly 1,700 Louisianians -- many of them from the New Orleans area -- may have lost a combined $500 million in investments with Stanford, according to estimates from the state attorney general's office. That office has launched its own investigation and may seek to press separate criminal charges against Stanford in state court, said David Caldwell, head of the public corruption and special prosecutions unit.

Read more here.

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