en.wikipedia.org/wiki/Allen_Stanford
3 corrections found
after three hours of deliberation, the jury convicted him of masterminding a Ponzi scheme.
The jury did not deliberate for three hours. A Justice Department press release says Stanford was convicted after approximately three days of deliberation.
Full reasoning
This sentence gets the length of the jury's deliberations wrong.
The U.S. Department of Justice's June 14, 2012 press release about Stanford's sentencing states that, on March 6, 2012, he "was convicted on 13 of 14 counts by a federal jury following a six-week trial and approximately three days of deliberation." That directly contradicts the article's claim that the conviction came "after three hours of deliberation."
So the conviction itself is correctly described, but the article understates the deliberation period by a factor of roughly 24.
1 source
- Allen Stanford Sentenced to 110 Years in Prison for Orchestrating $7 Billion Investment Fraud Scheme | U.S. Department of Justice
On March 6, 2012, Stanford ... was convicted on 13 of 14 counts by a federal jury following a six-week trial and approximately three days of deliberation.
he moved it to Antigua during a British crackdown on Montserrat's offshore-banking industry in the 1980s, renaming it Stanford International Bank,
The timing is off: DOJ says Stanford moved the bank to Antigua in 1990, not in the 1980s, and changed its name to Stanford International Bank in 1994.
Full reasoning
This clause compresses and misdates two separate events.
According to the U.S. Department of Justice, Stanford "moved the bank to Antigua in 1990 and changed its name to Stanford International Bank in 1994." That conflicts with the article's wording, which places the move "in the 1980s" and says the bank was renamed at that time.
A Fifth Circuit case summary likewise says Montserrat's Ministry of Finance notified Stanford in 1990 of its intent to revoke Guardian's license, after which he relocated the bank to Antigua. So the move was tied to events in 1990, not the 1980s, and the renaming to Stanford International Bank came later.
2 sources
- Allen Stanford Sentenced to 110 Years in Prison for Orchestrating $7 Billion Investment Fraud Scheme | U.S. Department of Justice
Stanford began operating the bank in 1985 in Montserrat ... He moved the bank to Antigua in 1990 and changed its name to Stanford International Bank in 1994.
- Published Opinion Filed for USA v. Robert Stanford | Fifth Circuit / Justia
In 1990, however, Montserrat’s Ministry of Finance and Economic Development notified Stanford of its intent to revoke Guardian’s banking license ... Stanford relocated the bank to the nearby island of Antigua.
alleged "massive ongoing fraud" involving $7 billion in certificates of deposits
For the SEC's February 17, 2009 action, the amount is misstated. The SEC said its complaint alleged an $8 billion fraud involving approximately $8 billion in certificates of deposit.
Full reasoning
The amount attached to the SEC's February 17, 2009 case is off by about $1 billion.
In the SEC's own litigation release for that action, the agency said its complaint alleged that the defendants had committed "an $8 billion fraud" and had sold "approximately $8 billion" of so-called certificates of deposit. That directly contradicts the article's description of the February 17 SEC charge as involving "$7 billion" in CDs.
Later criminal descriptions of Stanford's scheme often refer to roughly $7 billion misappropriated from investors, which may explain the mix-up. But for the specific February 17, 2009 SEC charge discussed here, the SEC's stated figure was approximately $8 billion, not $7 billion.
1 source
- Stanford International Bank, et al. | U.S. Securities and Exchange Commission
The SEC's complaint ... alleges that the defendants have committed an $8 billion fraud ... SIB has sold approximately $8 billion of so-called "certificates of deposit" to investors.