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Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme , [ 1 ] [ 2 ] [ 3 ] and is now serving a 110-year federal prison sentence.
Allen Stanford traced his company to the insurance company founded in 1932 in Mexia, Texas, by his grandfather, Lodis B. Stanford. [6] [7] However, there was no direct connection between the insurance company and Allen Stanford's banking business, which he started on the British Overseas Territory of Montserrat in the West Indies in the 1980s. [8]
Robert Allen has been hawking "Get rich quick" schemes involving real estate, the internet, and network marketing since before I was born. Real estate expert John T. Reed writes
FBI’s 2023 Internet Crime Complaint Center (IC3) report revealed there were 9,521 real estate-based fraud complaints in 2023, which resulted in over $145 million in losses. Well, title fraud is ...
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
Real estate fraud is a growing problem that is difficult to prosecute. Fraudsters are often overseas and use sophisticated measures to hide their identities. However, there are steps you can take ...
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Seniors who have been targeted by scams have resources available to help, and can contact the National Elder Fraud Hotline (1-833-372-8311) for assistance. More From GOBankingRates