Madoff: The Cause Of White Collar Crime

1634 Words 7 Pages
The term white collar came about from Edwin Sutherland and has risen in notoriety recently. White collar crime has been more spotlighted in the last decade due to the magnitude of money that was stolen from countless innocent people. When the general public thinks about white collar crimes like Ponzi schemes, most of them bring up Bernie Madoff. Madoff was able to steal $50 billion from a myriad of individuals. Madoff is not the only criminal who preys on people and their trust. Allen Stanford comes in at second place for America’s largest Ponzi scheme ever and he was able to do the same with the Stanford International Bank. Allen Stanford may not have stolen as much money as Madoff, but the eccentric man was still able to steal billions. …show more content…
On the other hand, Stanford University has stated it has proof that he is not, and filed a trade-mark-infringement suit against his company. Stanford has also told the story how he received an athletic scholarship to Baylor University, where he played football. During his time playing quarterback, he tore his rotator cuff and broke his collarbone. Baylor University has stated that they have no record of Stanford playing on the football team nor does he appear in the team media guides during his time at the …show more content…
Antigua was built on the backs of African slaves that were imported to work on sugar plantations during colonial times. Soon after, it developed into a refuge for pirates and later, after reaching independence from the British in 1981, became a haven for everyone from gunrunners to money launderers. Antigua’s liberator, V.C. Bird, would later become its dictator with his sons, Vere Junior and Lester. The relationship between Stanford and Lester was evident from the start when Stanford moved there in 1991. As soon as Lester became prime minister a few years later, Stanford’s success was guaranteed.
Stanford loved Antigua and all everything it encompassed. He founded Stanford International Bank, which by the year 2000, had $830 million in assets. Ultimately, Stanford took control over Bank of Antigua and he became the person who lent money to everyone, including the government. His formula that he brought with him from his bank in Montserrat was to get the local government in his debt and then pressure them for real estate and other

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