Allen Stanford was born in Mexia, Texas in 1950. He always had an eye for an opportunity. When he was 13, he made himself $400 by offering to clear a piece of land for a real estate developer on the condition that he could keep the felled trees to sell as firewood. He enrolled at Baylor University, the oldest college in Texas, in 1970. He studied finance, and according to James Davis, one of his classmates during college, while the rest of them were beating their brains out, Stanford was busy teaching scuba diving in order to make a lot of money for himself.
When he graduated, he joined his family business as an entry-level salesman and bookkeeper. The Stanford Financial was founded by Lodis Stanford, his grandfather, in 1932. Lodis was once a barber but he stippled a chance in the insurance industry during the Great Depression and swapped trades. His son, Allen’s father, took over the firm when the time came. …show more content…
His break came when the Texas oil bubble burst in 1983. The house prices in Houston demurred by 22% for four years, and the Stanford Financial started buying real estate from banks in need of liquidity. The company were able to acquire dozens of properties on a low-cost. That money served as the capital to kick-start the wealth management firm. Stanford instantaneously went on board into the Latin American market, purchasing assets in Mexico, Venezuela and Ecuador. In 1985, the off-shore banking division was established in Montserrat. For reasons that never publicly been made clear, Stanford Financial’s banking licence has been retracted by the local government in
When he graduated, he joined his family business as an entry-level salesman and bookkeeper. The Stanford Financial was founded by Lodis Stanford, his grandfather, in 1932. Lodis was once a barber but he stippled a chance in the insurance industry during the Great Depression and swapped trades. His son, Allen’s father, took over the firm when the time came. …show more content…
His break came when the Texas oil bubble burst in 1983. The house prices in Houston demurred by 22% for four years, and the Stanford Financial started buying real estate from banks in need of liquidity. The company were able to acquire dozens of properties on a low-cost. That money served as the capital to kick-start the wealth management firm. Stanford instantaneously went on board into the Latin American market, purchasing assets in Mexico, Venezuela and Ecuador. In 1985, the off-shore banking division was established in Montserrat. For reasons that never publicly been made clear, Stanford Financial’s banking licence has been retracted by the local government in