Westgate Capital, WG Trading Company Affect Pitt and Carnegie Mellon
The arrest of the owners of Westgate Capital and WG Trading Company has led many universities and pension funds to search for their money. Paul Greenwood and Stephen Walsh were arrested on Wednesday for corporate fraud. The two used the majority of their clients $667 million to buy expensive homes, books and collectibles. Authorities believe that the scheme has been going on for over a decade. A court order has frozen their personal assets and those affiliated with Westgate Capital and WG Trading Company.
The University of Pittsburgh had $65 million invested and Carnegie Mellon had at least a $49 million investment. The SEC recently reviewed court papers showing that Walsh and Greenwood had received a $21 million investment as recently as February 6th. It will be interesting to see if this money is recovered in the near future.
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Westgate Capital, WG Trading Company Fraud
Westgate Capital, WG Trading Company Fraud
Owners of Westgate Capital, Paul Greenwood and Stephen Walsh, were arrested in the latest Wall Street scandal. Westgate Capital manages hundreds of millions of dollars for universities and charities. The firms clients include “charitable and university foundations, retirement and pension plans and other institutions.” The two owners were arrested for illegal wire transfers made to bank accounts held by Greenwood and Walsh’s wife.
The funds wired to the owners of Westgate Capital totalled $1.3 billion to buy horses and for other personal use. Greenwood and Walsh also own WG Trading Company and Westridge Capital Management.
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R. Allen Stanford (Financial) Whistleblower Alex Dalmady’s Blog
Alex Dalmady wrote the article “Duck Tales” in January predicting and illustrating the fraud of R. Allen Stanford and his Financial Group. There is a great deal of information on Mr. Alex Dalmady online and a personal account on his blog. I truly hope he has a lot of protection as money is the root of all evil and money is something that R. Allen Stanford has a lot of. People have been hurt very badly for much less. That being said, it is VERY interesting to read some of the commentary by Alex Dalmady on how he knew what he knew.
This is a VERY interesting statement from Mr. Dalmady on Sunday night, two days before the rest of America even knew who R. Allen Stanford was:
It’s Sunday night. Almost a week since DiabloCaca put “Duck Tales” up on the web. This should help get things out there. The bloggers and reporters are still finding details and new edges on stories. There’s the mistress CIO…a bunch of SEC filings to go through. There are some “whistles” from the past, which suddenly fell silent (jammed with benjamins?).
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IMG Connected to Stanford Group?
IMG clients include Tiger Woods, David Toms, Sergio Garcia, and Arnold Palmer. The talent agency could have a direct connection to R. Allen Stanford Financial Group and these four clients could be involved. The New York Post cited three unknown sources that IMG and Stanford had a “quid pro quo” deal in which Stanford paid IMG a fee to steer their clients toward their investment firms.
Stanford Financial has long been a promoter of sporting events including the 2009 Sony Ericcson Open Tennis Tournament. They also have a marketing deal with golfer Vijay Singh. It seems quite believable that many of their clients may very well be big name sports figures, especially those with a connection to IMG.
Some IMG clients include:
Peyton Manning
Maria Sharapova
LaDainian Tomlinson
Jeff Gordon
Mike Leach
Tom Coughlin
There are many other clients and it will be interesting to see what comes out in the future.
UPDATE: Here are the college that are clients of IMG, could they be linked to Stanford Financial Group as well:
* Furman University
* Gonzaga University
* Oklahoma State University
* Rice University
* The University of Arizona
* The University of Cincinnati
* The University of Florida
* The University of Kansas
* The University of Kentucky
* The University of Michigan
* The University of Nebraska
* The University of Oregon
* The University of Tennessee
* The University of Texas
* Western Kentucky University
* The Southeastern Conference
* The Ohio Valley Conference
* The AT&T Red River Rivalry
* The State Farm Lone Star Showdown
* The University Interscholastic League
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Billion Coupons CEO, Marvin R. Cooper Ponzi Scheme
There is a developing story that there has been a halt to another alleged ponzi scheme. This time it is Billion Coupons lead by Marvin R. Cooper. The worst part about it all, he targeted the deaf community.
The lawsuits say that Marvin R. Cooper and Billion Coupons collected more than $4.4 million since September 2007 from 125 investors. Most of the investors were part of the deaf community. Marvin R. Cooper currently resides in Honolulu, Hawaii.
More to come as information comes in…..
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UBS List of Americans with Swiss Bank Accounts
Today we learned that UBS will pay $780 million in damages and close all of its offshore accounts held by American citizens. UBS, the largest bank of Switzerland, agreed to provide a list of names of all the wealthy Americans who held Swiss Bank Accounts to avoid taxes and other United States regulations. The exact number of clients on the list is not currently available but the early estimate is around 19,000 according to the New York Times
This event could change Swiss banking as we currently know it. Prosecutors feel that Swiss bank accounts helped Americans hide over $20 billion from the United States government over the last five years. UBS agreed that some of its employees actually participated in the “scheme” to help Americans avoid taxation.
Since most of us were young, it has been a given that any “dirty” money has gone into a Swiss bank account. It has almost become accepted in eyes of Americans. This is not the case anymore. The list provided by UBS will change everything. Many high income individuals are not sleeping well at night right now because they know they could be exposed for tax evasion causing them to lose their reputation and possibly spend many years in jail.
Stay posted as we will provide the list as soon as it is available.
R. Allen Stanford Financial Victims List of CD Scheme
The alleged victims of the R. Allen Stanford CD Scheme are seeking justice for their funds. Stanford Financial promised over 10% for many CD’s which should have tipped off investors that things were not as they seemed. If that didn’t set of a red flag, the fact that all the banking and accounting was completed in Antigua definitely should have. Unfortunately, many of us are naive to a high rate of return. For anyone out there thinking of investing in a CD, check the average rate at BankRate.com and realize that anything well above this is too good to be true.
The options of Stanford Financial investors are very bleak right now. The assets have been frozen by the United States Marshals and are being investigated by the SEC. Your money cannot be touched until the investigation is complete and this is likely to not happen anytime soon. If you need the Stanford Financial money right now, you are going to have a very hard time getting any of it. Hopefully, this situation will be concluded sooner rather than later, but it will definitely be after March 2nd, 2009.
The Madoff victim list was very interesting and I am sure that the Stanford victim list will follow suit. With headquarters in Houston, there will, most likely, be a great deal of oil and energy money wrapped up in Stanford Financial. It will be interesting to see if Exxon, Valero, of Conoco Phillips management level employees are on the Stanford Victim List. We will make sure to publish it as soon as it is released
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Sir Allen Stanford “It’s Fun to be a Billionaire” CNBC Video
Here is the link to Sir Allen Stanford’s “it is fun to be a billionaire” quote on CNBC. Look who is laughing now Sir Stanford. I hope your enjoy your time in jail for doing the horrible financial actions that you did. I will repeat an old saying that my mother used to always tell me, “It all comes full circle.” I guess your knighthood won’t get you out of this one.
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7.5% CD (One Year) is Too Good to be True
Getting a high rate on a CD is quite attractive, but to get 7.5% on a one year cd is just too good to be true. As an investor, if you see a rate this high for a CD, that should set off an alarm. No financial institution is strong enough to offer rates this high and “legally” keep up the pace. Stanford Financial Group went above and behind to “sell” these investments to their clients. Many clients were flown to Antigua and offered entire weekend stays just for being a client of this firm. Once again, that should set off a red flag that something is not right.
These high rates “alledgedly” helped Stanford Financial Group to post gains of over 10% for the last 15 years. Now the funds of the company are frozen and being overseen by a Federal judge until further notice. This story gets more interesting as news continues to come out.
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R. Allen Stanford (Financial) Bigger Than Madoff
R. Allen Stanford along with his Stanford Financial Group is part of an SEC investigation that could uncover over $51 billion in fraud. R. Allen Stanford runs a money management firm out of tax-free St. Croix. Stanford Financial Group offers Certificates of Deposit (CDs) for unusually high rates, sometimes as high as 7.5% on a one year CD. This made it very alluring to invest with his financial group. The company that oversees Mr. Stanford’s financial record is “tiny” accounting firm in Antigua whose CEO recently passed away. Interesting.
The $51 billion that Stanford Financial Group manages is actually more than that of Bernie Madoff. The firm currently has 50,000 clients. It seems that some of these clients might be doing a lot of searching to find their money. R. Allen Stanford was on CNBC in 2007 boasting about how it was great to have no exposure to subprime and that it felt great to be a billionaire. R. Allen Standford was ranked #239 on the Forbes 400 list in 2007 and up to #205 in 2008. He is a distant relative of the founder of Stanford University and was knighted in Antique and Barbuda in 2006.
Well Sir R. Allen Standford, your actions with your financial group were not very chivalrious. You have not been convicted of any crimes yet, but you sure have a lot of explaining to do. Stay with the Church of Cowherd to find out more about R. Allen Stanford and Stanford Financial Group. There will be MUCH more to come.
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