Robert Allen Stanford starts Guardian International Bank on the Caribbean island of Montserrat with $6 million in seed money from an unknown source.
Stanford is asked by government officials ?in Montseratt to leave ?the country. He relocates the bank to Antigua and names it Stanford International Bank.
Jay Comeaux, Alvaro Trullenque and their investment team leave Merrill Lynch with the Stanford account to start Stanford Group Company in City Plaza.
Stanford begins selling its disputed certificate of deposit.
Stanford Group Company receives a negative annual supervisory review in which the Securities and Exchange Commission found that some advisers’ actions were inconsistent with the investors’ intentions.
The SEC is told to stand down in an investigation on Stanford by the ?Justice Department.
The first known complaint regarding Stanford’s referral fees is filed with the SEC.
The first known letter from a Stanford insider in Antigua is sent to the SEC detailing the alleged Ponzi scheme.
A complaint is filed with the National Association of Securities Dealers in regards to misleading materials for the CDs.
Regulators require Stanford modify its CD Disclosure Statement.
NASD fines Stanford $20,000 for failing to “establish and maintain a supervisory system reasonably designed to ?achieve compliance with applicable securities laws.”
FINRA fines Stanford $10,000 for distributing literature that “failed to disclose a conflict of interest” between advisers and the bank and also for a failure to present “fair and balanced treatment of the risks and potential benefits of a CD investment.”
FINRA fines the Stanford Group Company $10,000 for a failure to report customer transactions properly.
FINRA files Stanford Group $30,000 for a failure to disclose adviser compensation in published ?research reports.
Alex Dalmady’s Duck Tales blog details how and why Stanford is possibly operating a Ponzi scheme.
Feb. 17, 2009
Federal regulators storm the Houston offices of Stanford Financial Group and issue a freeze on all of the companies and their associated assets.
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