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What If These Wall Street Scammers Were Nigerians?

R. Allen Stanford

FBI tracks down Texas financier in fraud case

By DEVLIN BARRETT, Associated Press Writer Devlin Barrett, Associated Press Writer Thu Feb 19, 5:48 pm ET

WASHINGTON – Texas financier R. Allen Stanford was tracked down Thursday in Virginia, where FBI agents served him with legal papers in a multibillion-dollar fraud case.

FBI agents, acting at the request of the Securities and Exchange Commission, served Stanford papers in Fredericksburg, Va., said FBI spokesman Richard Kolko.

Stanford is not under arrest and is not in custody.

http://news.yahoo.com/s/ap/20090219/ap_on_re_us/stanford_sec/print

Bernard Madoff

Bernard Madoff, the former Nasdaq chairman who was charged on Thursday with massive fraud, was long considered to be quirky. Employees at the offices of his eponymously named brokerage firm in midtown Manhattan's Lipstick Building had to follow strict rules for what they kept on their desk. Family photos were allowed but only if they were displayed in a simple black frame.

Now it looks like Madoff, who went by Bernie, may also have been a crook, and quite possibly one of the largest Wall Street has even seen. According to the U.S. Attorney's office in the southern district of New York, Madoff admitted to defrauding clients for up to $50 billion in a massive Ponzi scheme that was committed over a number of years. (See the top 10 scandals of 2008.)

http://www.time.com/time/printout/0,8816,1866154,00.html

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6 answers

The only reason the news is not big is because, they are not Nigerians. If they were, trust me ABC and Fox news will be at work 24/7 broadcasting all about the Nigerians scammer. Another one just emerged lately scammed people of $8billion and the case is not even taken seriously but if a Nigerian send an email trying to scam $50, they'll make a big deal out of it. I'm not saying the Nigerian scammers are doing anything good, I'm just saying the USA is the biggest hypocrite on this planet. They do what they don't want others to do. Hiding behind freedom(which is an illusion by the way) yet they have more prisoners than communist China.

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Mehn, that'd be a low blow to Nigerians abroad.

You think say UK hates Nigerians now, if Nigerians abroad are indeed the fraudsters, expect to get y'all Bottom deported ASAP

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Federal Government for don give national medal of honour. While their villages dish out those infamous traditional titles. We (citizens) would sing their praises all day long!

I just love this country but they 'mericans beat us to it.

Let them check well, Madoff & co may have Nigerian roots. Gbam!!

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The major culprits will be in the senate in 2011 Click here

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If they were Nigerians?

A probe panel will be set up and the report will disappear in broad daylight while those who gave due returns to the "government" will walk free and those not ready to play ball will face EFCC & ICPC.

Essentially, no prosecution, no scapegoat!

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Is it today that Nigerians have been running Ponzi-schemes?

Back in 1991, we had one guy in PH called Umanah Umanah. The WHOLE of PH invested in his ponzi-scheme and it was the biggest news in PH for about a year. Even as an 8 year old, I could not escape the big news in town. Even our driver and housegirl took their money to him. Soon enough, the banks got jittery because no one was depositing anymore and they shut down his operation. He was offering basic returns of 40 per cent, plus more if you introduced anyone else to his company. When the bubble burst, more than N200m was lost by PH indigenes (At least 1 in 5 people lost their savings). He was defended in court by Ledum Mittee (now head of MOSOP) and emerged scott-free (apparently after bribing Babangida; or so they say).

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