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Romney & Son Investigated for 8 Billion Ponzi Scheme Can he defend this?

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Romney & Son Investigated for 8 Billion Ponzi Scheme

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 CD’s 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.

Tagg Romney

Allen Stanford, James M. Davis and Laura Pendergest-Holt through SIBL (the bank) Stanford International Bank) hid the fraud by continuing to buy CD’s (Certificate of Deposit) and fabricated the performance of their investments. (More court documents: HERE) More information on the legal procedures: HERE A court date was set for January 23, 2012 but according to various reports Allen Stanford is incompetent to stand trial.

Mitt Romney and Son Tagg in 2008 invested in Allen Stanford’s 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.

Tagg Romney is quoted as saying he was proud of his investment with Solamere now run by former executives of Stanford, ” They’re friends of ours, they used the Solamere name, we own a piece of them”. “We helped them get started”

Despite claims by Tagg and Mitt Romney the investigation is still “ongoing” and the profits from Stanford and Solemere were unreported by Tagg Romney. He also did possess a minority stake in the business with Spencer Zwick and Eric Scheuermann.

Spencer Zwich is Mitt Romney’s Chief Fundraiser. Investors in Stanford have not recovered their money, and the assets are still in receivership and frozen until the case is resolved. A total of 8.5 billion dollars is still unaccounted for and the billion dollar Ponzi scheme lays at Mitt Romney’s feet for his and his son’s investment partners who were all involved.

Curated News

ABC News Politics – Romney Camp Dismissive of Ponzi Accusation

“But according to Think Progress, Tagg Romney’s account isn’t entirely accurate: “According to documents reviewed by ThinkProgess using the Pacer search engine, charges against Tim Bambauer, Deems May, and Brandon Phillips have not been dropped. A recent court filing shows May requesting the court for arbitration instead of going to trial.

ThinkProgress also spoke to the deputy clerk for the federal District Court in Dallas, and confirmed that the three men are still defendants in the lawsuit to recover the Ponzi scheme money.”



Read more: http://www.politicolnews.com/romney-son-investigated-for-8-billion-ponzi-scheme/#ixzz20QraAtW1

by on Jul. 12, 2012 at 1:55 PM
Replies (21-30):
candlegal
by Judy on Jul. 13, 2012 at 9:37 AM

they will continue to manufacture things he did or didn't do just to see what sticks and what they can get the voters to believe.  They know most of them won't bother to see what is true.

Quoting Meadowchik:


Quoting shannonnigans:

And with the possible SEC issues after today's Bain Capital bombshell, and his own campaign staffer essentially saying he is full of crap, this guy has some serious problems. You think that one is going away? It's going to go deeper now that he got caught in an enormous lie. I won't hide the fact that I'm enjoying this - I am - but being objective, regardless of what side I'm on, this guy is real close to having to consider retaining counsel. After being embarrassed for dropping the ball in the Madoff case, the SEC, who on a good day make even the IRS appear to have a sense of humor, will not let another high profile case go away without intense scrutiny. There is no such thing as misdemeanors with respect to the SEC; it's felony all the way.

Any objective person would acknowledge that people are extremely desperate to manufacture any claims they can to attack Romney.


meriana
by Platinum Member on Jul. 13, 2012 at 9:46 AM


Quoting candlegal:

LOL, like they have taken a closer look at Obama.  He still has yet to be vetted by the lamestreammedia.

Quoting meriana:

The fact he invested with these people does not automatically make him guilty of wrong-doing but neither does the fact of who he is and his wealth automatically make him innocent. Questions have been raised and THAT should make everyone take a much closer look, especially when it involves anyone who is campaigning for any high position or office, let alone the highest office in the country.


Obama's investments weren't being looked at nor was he implicated (or possibly implicated) during the investigation of a ponzi scheme. If he's innocent fine, if he's not, then.....

candlegal
by Judy on Jul. 13, 2012 at 9:52 AM

Nothing Obama is  being looked at by the lsm.

Quoting meriana:


Quoting candlegal:

LOL, like they have taken a closer look at Obama.  He still has yet to be vetted by the lamestreammedia.

Quoting meriana:

The fact he invested with these people does not automatically make him guilty of wrong-doing but neither does the fact of who he is and his wealth automatically make him innocent. Questions have been raised and THAT should make everyone take a much closer look, especially when it involves anyone who is campaigning for any high position or office, let alone the highest office in the country.


Obama's investments weren't being looked at nor was he implicated (or possibly implicated) during the investigation of a ponzi scheme. If he's innocent fine, if he's not, then.....


LexRi0709
by on Jul. 13, 2012 at 9:56 AM
Just another reason why I can't stand Romney and hope that he doesn't ever make it into office.
Posted on CafeMom Mobile
roseytheriveter
by Member on Jul. 13, 2012 at 9:58 AM
1 mom liked this

 Sigh.  They are still trying to derail his candidacy, boy Obama's people must really be worried.  Give me the story when Mitt is actually convicted of this supposed crime.

Know that you are one of a kind, and God doesn't make junk!

lga1965
by on Jul. 13, 2012 at 9:58 AM
1 mom liked this

 That is not true. Where have you been ?Or do you only pay attention to Fox,The Daily Caller and The Blaze? That could explain your comments about "vetting" Obama.

......sigh..........

Quoting candlegal:

LOL, like they have taken a closer look at Obama.  He still has yet to be vetted by the lamestreammedia.

Quoting meriana:

The fact he invested with these people does not automatically make him guilty of wrong-doing but neither does the fact of who he is and his wealth automatically make him innocent. Questions have been raised and THAT should make everyone take a much closer look, especially when it involves anyone who is campaigning for any high position or office, let alone the highest office in the country.


 

                                                      

lga1965
by on Jul. 13, 2012 at 10:01 AM

 You know what? Even if Romney is as innocent as a new born baby boy, he still can't win in 2012. Sorry.

Quoting candlegal:

they will continue to manufacture things he did or didn't do just to see what sticks and what they can get the voters to believe.  They know most of them won't bother to see what is true.

Quoting Meadowchik:


Quoting shannonnigans:

And with the possible SEC issues after today's Bain Capital bombshell, and his own campaign staffer essentially saying he is full of crap, this guy has some serious problems. You think that one is going away? It's going to go deeper now that he got caught in an enormous lie. I won't hide the fact that I'm enjoying this - I am - but being objective, regardless of what side I'm on, this guy is real close to having to consider retaining counsel. After being embarrassed for dropping the ball in the Madoff case, the SEC, who on a good day make even the IRS appear to have a sense of humor, will not let another high profile case go away without intense scrutiny. There is no such thing as misdemeanors with respect to the SEC; it's felony all the way.

Any objective person would acknowledge that people are extremely desperate to manufacture any claims they can to attack Romney.


 

                                                      

candlegal
by Judy on Jul. 13, 2012 at 10:01 AM

Thanks, I needed a good chuckle this morning.

Quoting lga1965:

 That is not true. Where have you been ?Or do you only pay attention to Fox,The Daily Caller and The Blaze? That could explain your comments about "vetting" Obama.

......sigh..........

Quoting candlegal:

LOL, like they have taken a closer look at Obama.  He still has yet to be vetted by the lamestreammedia.

Quoting meriana:

The fact he invested with these people does not automatically make him guilty of wrong-doing but neither does the fact of who he is and his wealth automatically make him innocent. Questions have been raised and THAT should make everyone take a much closer look, especially when it involves anyone who is campaigning for any high position or office, let alone the highest office in the country.


 


candlegal
by Judy on Jul. 13, 2012 at 10:02 AM

You just keep on believing that.

Quoting lga1965:

 You know what? Even if Romney is as innocent as a new born baby boy, he still can't win in 2012. Sorry.

Quoting candlegal:

they will continue to manufacture things he did or didn't do just to see what sticks and what they can get the voters to believe.  They know most of them won't bother to see what is true.

Quoting Meadowchik:


Quoting shannonnigans:

And with the possible SEC issues after today's Bain Capital bombshell, and his own campaign staffer essentially saying he is full of crap, this guy has some serious problems. You think that one is going away? It's going to go deeper now that he got caught in an enormous lie. I won't hide the fact that I'm enjoying this - I am - but being objective, regardless of what side I'm on, this guy is real close to having to consider retaining counsel. After being embarrassed for dropping the ball in the Madoff case, the SEC, who on a good day make even the IRS appear to have a sense of humor, will not let another high profile case go away without intense scrutiny. There is no such thing as misdemeanors with respect to the SEC; it's felony all the way.

Any objective person would acknowledge that people are extremely desperate to manufacture any claims they can to attack Romney.


 


JoshRachelsMAMA
by JRM on Jul. 13, 2012 at 10:08 AM
Seems to be working considering the predictably lemmish responses in this post.

Quoting candlegal:

they will continue to manufacture things he did or didn't do just to see what sticks and what they can get the voters to believe.  They know most of them won't bother to see what is true.

Quoting Meadowchik:


Quoting shannonnigans:

And with the possible SEC issues after today's Bain Capital bombshell, and his own campaign staffer essentially saying he is full of crap, this guy has some serious problems. You think that one is going away? It's going to go deeper now that he got caught in an enormous lie. I won't hide the fact that I'm enjoying this - I am - but being objective, regardless of what side I'm on, this guy is real close to having to consider retaining counsel. After being embarrassed for dropping the ball in the Madoff case, the SEC, who on a good day make even the IRS appear to have a sense of humor, will not let another high profile case go away without intense scrutiny. There is no such thing as misdemeanors with respect to the SEC; it's felony all the way.

Any objective person would acknowledge that people are extremely desperate to manufacture any claims they can to attack Romney.


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