2016 Postmortem
Related: About this forumRomney and son implicated in $8B Ponzi scheme
http://americanvisionnews.com/3262/romney-and-son-implicated-in-8b-ponzi-scheme/comment-page-16
"If found to be true, what better credential for a guy wanting to run the country, the Fed, and Social Security!
PoliticalNews.com reports,
Mitt Romney and his son Tagg Romney have been implicated in a 8.5 billion dollar ponzi scheme with Wall Street investors Allen Stanford and James M. Davis.
The pair are not cleared including their three partners in a court document verified, ongoing legal proceeding involving selling fraudulent CDs to potential investors.
The statement of fact, includes SIBL, Stanford International Bank, SGC Stanford Capital Management and the associates R. Allen Stanford, ( Allen Stanford) and James M. Davis stole money from investors through fraud. The group bilked investors by diverting funds to their own lifestyles through bonus money, salaries and compensation packages.
The Stanford Financial Group now in receivership headed by Allen Stanford sold investments described as a well-diversified portfolio. Instead Stanford diverted the money to finance his own lavish lifestyle which include: jet planes, yacht, pleasure crafts, luxury cars, homes, travel on a company credit card. . . .
Mitt Romney and Son Tagg in 2008 invested in Allen Stanfords ponzi scheme to the tune of 10 million dollars initially in Solamere Capital a seed investment and received 1 million in returns. Tagg Romney joined in to help Solamere Capital located in Charlotte, North Carolina with three other prominent brokers."
Sheepshank
(12,504 posts)...Romney is uniquely qualified to run this country.
And as I have noticed, the team, really does not to clarify what they mean. Seriously, what did he mean by uniquely?
Hubert Flottz
(37,726 posts)"Romney is uniquely qualified to ruin this country"
bemildred
(90,061 posts)Rmoney's genius for business really shines through there.
lillypaddle
(9,581 posts)tarheelsunc
(2,117 posts)A Google search returned several results from May and possibly earlier. Why is this the first we are hearing about this? If Sensata does not sink this fraud, then this better become public and sink him.
Blanks
(4,835 posts)There really isn't any tying Romney to Bain because of the trust fund, but he and his son are involved in something sleazy beginning in 2008...
That's really gonna hurt him.
Xyzse
(8,217 posts)I'll check it out a bit more before documenting it on my list of reasons why Mitty actually doesn't know how to run a job making business.
bushisanidiot
(8,064 posts)anyone but him.
#RomneyPonziScheme
Blanks
(4,835 posts)Odd that it didn't get more attention. Since there are some outright lies from the spawn.
Rosa Luxemburg
(28,627 posts)Whisp
(24,096 posts)bushisanidiot
(8,064 posts)reporters need to pick it up and report what the status is.
#RomneyPonziScheme
Blanks
(4,835 posts)I think it's time for ABC to follow up. That was just a link in the article from the OP.
DFW
(54,436 posts)However, if they both get led off in handcuffs on November 1, blood pressure on the Republican side will double.
MassedPole
(242 posts)glinda
(14,807 posts)DFW
(54,436 posts)riverwalker
(8,694 posts)should be #Solamere
riverwalker
(8,694 posts)Tagg Romney's Company Misled Reporters About Its Relationship With Ponzi SchemeLinked Firm
Disclosures from the Securities and Exchange Commission show that Taggs company indeed maintains ties with the Ponzi-linked firm, Solamere Advisors.
http://www.thenation.com/blog/170546/tagg-romneys-company-misled-reporters-about-its-relationship-ponzi-scheme-linked-firm
bushisanidiot
(8,064 posts)#Solamere #RomneyPonziScheme
1StrongBlackMan
(31,849 posts)from the excerpt, it would appear that mitt's "involvement" was that of the scammed, not the scammer. Other than showing that mitt is not the serious business thinker that the right is trying to sell, I don't see this hureting him too much.
PatentlyDemocratic
(89 posts)I wasn't sure until I read the article, but it sounds more like the Romneys helped set up the company rather than merely investing in it.
bushisanidiot
(8,064 posts).
Mitt is DEFINITELY involved.
toby jo
(1,269 posts)Mitt gave the seed money - 10M - to Tagg for an investment group and off they went. There are disclosure rules along the way, they circumvent them
any way they can. It's a good article to study, goes past my working knowledge of high finance. But I can say it's like reading the underbelly of a pig. One disgusting end run around the truth after another.
One poster said they're criminals running for office just for the financial gain, which is true. They ARE criminals. I've always thought of Mitt as the new Cheney. Cheney had his Haliburton to throw around and Mitt's got his finance groups to feed.
One story pointed out their investment in a dental group that got billings through medicaid, so they pushed these dentists to do unnecessary high dollar work on kids. Govt had to go in and make it illegal.
All it says on investigations is that the paperwork the reporter was given was false, in that there is a direct link between Mitt and the other investors under investigation according to public filings.
Either someone got paid off to stop the investigation or it got buried in the presidential rush. Looks like a good place work it.
If you still don't hate the guy, you will after you read this article.
UCmeNdc
(9,600 posts)What is Mitt Romney hiding in those Tax returns he will not release? Allen Stanford income payments?
bushisanidiot
(8,064 posts)along with money to his church that he wrote off that he probably didn't actually pay
Jimmythesquid
(2 posts)R-Money is hiding the fact he made a killing out of the GM auto industry bailout. If he showed his 2009 return it's estimated he made at least $15 million and as much as $115 million.
http://www.infozine.com/news/stories/op/storiesView/sid/53521/
There's a truckload of more info on this, simply google:
"Romney vulture fund GM bailout"
"Elliot Management delphi"
"Paul Singer mitt Romney GM"
All the facts are there.
Jimmythesquid
Jimmythesquid
(2 posts)Curmudgeoness
(18,219 posts)woodsprite
(11,924 posts)would the Abramoff scam be a good one to correlate this to? I guess though, not if Mitsy was the scammed. Hmm, you think Tagg would scam the old man for all those face plants in the butter?
Blue Meany
(1,947 posts)It is the later one's who lose their shirts.
magical thyme
(14,881 posts)Original Post: May 1, 2012
News Updated: Sept. 3, 2012 A federal court judge struck down an SEC lawsuit in the R. Allen Stanford 7.2 billion dollar ponzi scheme. The Securities and Exchange Commission tried to sue the Securities Investor Protection Corp., to secure compensation for investors who lost their money. (See: Business Insider link below) US. District Court Judge Robert Wilkins ruled that the SEC failed to prove that investors were victims, under the definition of the law, but that the court is sympathetic. Prosecutors said Stanford used the money for a lavish lifestyle including yachts, a fleet of private jets and sponsoring cricket tournaments.
Although, Allen Stanford received a 110 year jail sentence in the scheme the money was never recovered that thousands of investors lost around the world.
Read more: http://www.politicolnews.com/romney-son-investigated-for-8-billion-ponzi-scheme/#ixzz29TULRlfs
ProudProgressiveNow
(6,129 posts)Junior_Beauchamp
(4 posts)Hate to say it but this is old news. It proves a stupid move, but that is about it.