Federal agents from the corporate and accounting fraud division today entered the Houston office of Stanford Financial Group according to the eye witnesses.
According to some of the folks I know there, about 15 agents wearing black flak jackets entered the lobby of the company. They had US Marshals written in bold over their west just in case somebody mistake them for the cleaning crew. (Well in a way the marshals are there to clean!) This Stanford Financial Group office is located in the Houston Galleria area.
Texas Houston based Stanford Financial Group oversees more than $50 billion of financial assets and as now is quite apparent by the bust, they are being investigated by U.S. regulators. This raid was within the framework of increasing scope of the regulators during this troubling economy.
For more on Stanford Financial – 8000 Credit dot Org
A major publication had reported that U.S. securities regulators had alleged that 3 top Stanford executives, including Robert Allen Stanford, of fraud and cheating.
Nobody in one of the official positions has made a comment about this so far. Madoff, Stanford, Freddie Fannie…whose executives are gonna sing – We Didn’t start the fire, it was already burning…SING ALONG!!