According to the federal indictment, "Sir Allen," as he was dubbed by a corrupt former minister of Antigua, ran a massive Ponzi scheme camouflaged as a bank that sold some $7 billion in self-styled "certificates of deposit" and $1.2 billion in mutual funds. Operated from behind a façade of well-appointed offices and with a jet-set lifestyle to match, the Stanford grift may have been impressive but it was a scam from the get-go. Lured by "high rates that exceed those available through true certificates of deposits offered by traditional banks," thousands lost their shirts.
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