Stanford Group Investigation Bad News For Arts Groups
Filed under: Charity
After the Bernie Madoff scandal was exposed the fallout to nonprofits was tremendous. Now the U.S. Securities and Exchange Commission's investigation of Stanford Financial Group may affect charities too. The Stanford Group has been a supporter of the arts and charities through sponsorships which it used to promote the brand. The Houston Chronicle reports that the Houston Arts Alliance had just finished reviewing applications for the second Stanford Financial Excellence in the Arts awards when it found out the award money was on hold. The company doled out $45,000 in similar grants to Dallas arts groups last year.
Chairman and Chief Executive R. Allen Stanford and his companies sponsored sports around the world, everything from charity golf tournaments in Memphis to cricket competitions in Antigua. Stanford and two fellow executives are believed to have fraudulently sold $8 billion in high-yield certificates of deposit and promised big returns for investors. Stanford, who is worth over $2 billion, grew up in Texas but adopted Antigua & Barbuda as his second country. Bloomberg reveals that he has six planes registered with the Federal Aviation Administration and Stanford Development Group owns a 7,000 square- foot, 14-room Mediterranean-style house in Houston, appraised at $2.5 million.
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