Home » News » Currently Reading:

SEC Moves on HSS Primary Shareholder Stanford International Bank

February 17, 2009 News No Comments

Federal regulators filed a complaint in Dallas federal court today against billionaire R. Allen Stanford and three of his companies, including Antigua-based Stanford International Bank, alleging "massive fraud" in promising unreasonably high rates of return on $8 billion worth of CDs sold by the bank. The judge has entered a temporary restraining order and has frozen Stanford’s assets.

"We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world," said the SEC’s director in Fort Worth, TX. Most of the subpoenaed company witnesses, including Stanford, either failed to appear or could not account for the $8 billion in assets claimed to be housed in the bank.

Earlier reports suggested that the bank had laid off significant numbers of employees, weeks after Stanford paid $20 million in prize money to the winners of a single cricket match at which he arrived in a gold-plated helicopter.

Stanford International Bank is the primary shareholder of Health Systems Solutions Inc, which last week backed out of its plans to acquire imaging vendor Emageon for $62 million after Stanford International declined to provide financing. HSS paid $9 million in escrowed money to Emageon for failing to complete the transaction.

View/Print Text Only View/Print Text Only


HIStalk Featured Sponsors

     







Subscribe to Updates

Search


Loading

Text Ads


Report News and Rumors

No title

Anonymous online form
E-mail
Rumor line: 801.HIT.NEWS

Tweets

Archives

Founding Sponsors


 

Platinum Sponsors


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold Sponsors


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reader Comments

  • Brian Too: While I'm usually pretty forgiving about individual stylistic variations, I will say that I found Ed's final paragraph e...
  • From the Inside: It's great to see that Ed was so impactful on the NYC H+H IT "broken division" in his continuing quest to save the worl...
  • AynRandWasDumb: This article is so vague it amounts to platitude. What is my takeaway as a reader? That Ed did such a great job and he h...
  • Brian Too: I've always loved AC/DC. One tidbit others might enjoy. The movie "School of Rock" performed an awesome cover of "It...
  • Steve Natz: I have been a reader of HIStalk for several years and have always enjoyed these articles along with the industry news to...

Sponsor Quick Links