Jan 27
Stanford, Morgan Stanley, BP, Apple, MF Global in Court News
(Adds Stanford in top section, BP and Apple in Lawsuits and Perelman in Trials. Updates Chinese Vitamin C Makers in Lawsuits and JJ in Verdicts.)
Jan. 27 (Bloomberg) — R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud, appeared in an October 2008 video shown to jurors in which he decried “damn greed” on Wall Street as the financial crisis deepened.
“People are stupid, they’re greedy, they’re lazy, they don’t stick to their core values,” he told a gathering of Stanford Financial Group Co. executives in Miami. “We’re different.”
In the video, shown yesterday in Houston federal court, the financier told his audience that the company was “$5.5 billion more liquid than it should have been.” Four months later, U.S. regulators filed suit claiming his businesses were missing billions of dollars in investor money. He was indicted in June 2009.
Prosecutors accuse Stanford of skimming more than $1 billion in investor deposits from his Stanford International Bank Ltd. to fund a lavish lifestyle and support real estate developments and unrelated companies that included regional airlines
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Article source: http://news.businessweek.com/article.asp?documentKey=1376-LYF7YJ0YHQ0W01-4PK74P8E4V22K0PDQO77P5EFFC
