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February 17, 2009

SEC on Stanford International: Multi-Billion Dollar "Scheme"

I'm late to this, but here you are, your moment of morning Ponzi zen:

SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme
FOR IMMEDIATE RELEASE
2009-26

Washington, D.C., Feb. 17, 2009 — The Securities and Exchange Commission today charged Robert Allen Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an $8 billion CD program.

More here and here.

As an aside, and I'm sure this is just me, but it bugs me that the the SEC persists in using the word "scheme" to describe such things. It seems overly polite and delicate, like they don't want to hurt anyone's feelings.

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