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Viva Las Vegas: Stanford Spent A Quarter Million At The Bellagio -- After Asset Freeze, Say Feds
It looks like Allen Stanford just couldn't quit his high-living ways -- even when the chips, so to speak, were down.
The Financial Times has a great find in the court filings made by the SEC in Stanford's case:
The Commission is investigating whether Stanford has violated the terms of the asset freeze after it was entered by writing a series of checks to the Bellagio Hotel & Casino in the aggregate amount of $258,480. All of these checks were dated February 19, 2009 (two days after entry of the asset freeze), signed by Stanford, and honored on or about February 24th or 25th.
Stanford is trying to convince a judge to unlock $10 million of his assets, claiming that the freeze has left him without enough money to pay his heavy-hitting defense team, led by power lawyer Dick DeGuerin. But the cricket-loving billionaire might have had more cash flow if he hadn't dropped over a quarter million dollars at a luxury hotel and casino in Vegas.
Looks like Sir Allen just couldn't resist one more lavish spending spree.
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Josh
Zachary
Time was this would have outraged folks. Now we shrug and say, 'Yep, another rich (jerk) ripping off the rest of us and thumbing his nose at the law.' Question is, is anyone going to stop this? Are we?
May 5, 2009 2:06 PM | Reply | Permalink
The real questions now should be:
"If his assets were frozen, where did this money come from?",
"Why wasn't this money also frozen?", and
"How much money does he have stashed away in overseas accounts which was not included in his declaration of assets which were frozen?"
There has to be a "paper" trail to the account from which this money was drawn.
May 6, 2009 6:41 PM | Reply | Permalink
Well, what would you have said if he'd won, hmmm?
May 5, 2009 3:05 PM | Reply | Permalink
Win against the odds at Vegas?
Not likely.
May 6, 2009 6:51 AM | Reply | Permalink
throw him and every other executive from his ponzi scheme in jail where they belong...
May 6, 2009 2:03 PM | Reply | Permalink