Environmental attorney Sanders says white collar criminals convicted of billion dollar fraud schemes merit the death penalty and forfeiture of assets.

Texas billionaire R. Allen Stanford and three of his companies were charged with "massive ongoing fraud" Tuesday as federal agents swooped in on his U.S. headquarters. The companies are: Stanford International Bank, Stanford Group Company, and Stanford Capital Management.


Stanford’s alleged fraudulent activities involved the sale of $8 billion in certificates of deposit, making it one of the largest alleged financial frauds in U.S. history. The U.S. SEC’s complaint against Stanford is at: http://www.sec.gov/litigation/complaints/2009/comp20901.pdf?sid=ST2009021701544
In a complaint filed in federal court in Dallas, the U.S. Securities and Exchange Commission accused the cricket-loving Stanford, 58, and two other top executives at Stanford Financial Group of fraudulently selling $8 billion in high-yield certificates of deposit in a scheme that stretched from Texas to Antigua and around the world.

According to its website, Stanford Financial Group is a privately held global network of independent, affiliated financial services companies led by Chairman Allen Stanford. The first Stanford company was founded by Allen Stanford’s grandfather, Lodis B. Stanford in 1932. Stanford’s core businesses are private wealth management and investment banking for institutions and emerging growth companies.

The Stanford Financial Group of companies provides private and institutional investors with global expertise in asset allocation strategies, investment advisory services, award-winning policy and equity research, international private banking and trust administration, commercial banking, investment banking, merchant banking, institutional sales and trading, real estate investment and insurance. Stanford has over $50 billion in assets under management or advisement.

Now, Mr. Stanford and three of his companies are charged with stealing $8 billion dollars from its clients in a sophisticated, intentional fraudulent scheme. It is well past time for serious, long-term jail sentences for white collar criminals, who steal from investors.

I don't know about you, but I think the death penalty and complete forfeiture of all assets of the individual and the involved companies are appropriate penalties for such shameful and wrongful intentional conduct.