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Allen Stanford traced his company to the insurance company founded in 1932 in Mexia, Texas, by his grandfather, Lodis B. In 2008, Stanford Financial Group announced it would open a new global management complex in St. Virgin Islands, to include the base for the corporate support functions such as business technology, compliance, finance, human resources, investment strategy and legal, as well as the chairman’s office. The company was bound by a web of personal and family ties. Stanford’s chief financial officer and second-in-command, James M.
Davis, was his roommate at Baylor University. Stanford International Bank, was started in 1986 in Montserrat where it was called Guardian International Bank. Allen Stanford relocated its operations to Antigua. Stanford Trust Company, helped manage and protect wealth. Vantis was also appointed receivers of Stanford Trust Company. In 2007, Stanford Financial Group assumed title sponsorship of the Stanford St.
Jude Championship, a top PGA Tour event to benefit St. Stanford Financial Group was the lead financier for the 2007 film The Ultimate Gift,. The group established a significant presence in golf, polo, tennis, cricket and sailing, sports which were popular among Stanford’s wealthy clients. Stanford Financial Group was the title sponsor for such sporting events as the Stanford U. During the week of February 13, 2009, Stanford issued a letter to clients saying: “Regulatory officers have visited our offices and have stated that these are routine examinations”. Federal agents entered the company’s Houston and Memphis offices.
The company is still in operation but under the management of a receiver. On February 18 and 19, 2009, Ecuador and Peru suspended the operations of local Stanford units, and, in Venezuela and Panama, the governments seized local units of Stanford Bank. On February 27, 2009, Stanford official Laura Pendergest-Holt was arrested by Federal agents in connection with the alleged fraud. On that day the SEC said that Stanford and his accomplices operated a “massive Ponzi scheme”, misappropriated billions of dollars of investors’ money and falsified the Stanford International Bank’s records to hide their fraud. United States District Judge David Godbey froze all of the Stanford personal and corporate assets. Janvey will retain control until the SEC suit is resolved.