$8 Billion CD Scheme Investigated
Robert Allen Stanford allegedly ran a fraudulent system where he made off with money meant for CDs.
In all, investigators say $8 billion is at risk. The CDs were not FDIC insured.
Stanford offered exceptional CD rates. According to a MarketWatch report, 5 year CDs were offered at 10% APY. Sound too good to be true? Unfortunately, it probably was.
As the global meltdown continues, more and more scams are falling apart. Stanford’s customers got antsy after the Madoff scandal and made a run on the ‘banks’ that Stanford worked with. A bank run can take down a legitimate bank, and scam banks don’t stand a chance.
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