Mr. Afolabi Adesanya, the Managing Director of the Nigerian Film Corporation (NFC) has been quizzed by the Economic and Financial Crimes Commission (EFCC) for the misappropriation of over N11 million allocated for the transfer of the headquarters of the NFC from Jos to Abuja, the Federal Capital of Nigeria.
Prof. Dora Akunyili, the incorruptible Minister of Information and Communication is not happy about the misadministration of the Nigerian Film Corporation since the appointment of Mr. Adesanya and would ensure that the management of the film body must be above board from henceforth.
Thursday, July 2, 2009
LAWMA is Corrupt
LAWMA Workers
LAWMA is Corrupt
The Lagos State Waste Management Authority (LAWMA) has been accused of gross abuse of power and financial crimes by the majority of the resident of the most populous state in Nigeria.
The residents have frowned at the bills LAWMA demanded they must pay for services not rendered.
LAWMA employed the service of several contractors for the disposal of waste in the state, but the residents alleged that these contractors have already asked them to pay bills before the commencement of their operation.
“Imagine, LAWMA asking tenants to pay twelve thousand naira for waste disposal when no LAWMA waste disposal truck has come to carry the refuse in our estate. LAWMA is using these so called contractors to extort levies from residents,” complained one of the aggrieved residents.
“Is LAWMA asking us to pay before service? When many of the waste disposal trucks used by LAWMA break down daily on the street and have been causing obstruction to traffic,” said another resident.
LAWMA Truck
Many waste disposal trucks used by LAWMA have been abandoned on the streets for days with the stench from the refuse causing pollution of the atmosphere and residents hissing in disgust and disapproval of the incompetent management of LAWMA in Lagos state. Many Lagosians are questioning the criteria used in the procurement of the services of these so called waste management contractors.
Wednesday, July 1, 2009
Nigeria Higher Education Foundation Presents Leadership Awards to Soyinka, Payne, Ezekwesili, and Whitaker
30 Jun 2009 15:53 Africa/Lagos
Nigeria Higher Education Foundation Presents Leadership Awards to Soyinka, Payne, Ezekwesili, and Whitaker
WASHINGTON, June 30 /PRNewswire/ -- The Nigeria Higher Education Foundation (NHEF), on June 24, 2009, honored four distinguished leaders for their commitment to sustainable development through education at an inaugural gala event in New York City. Honorees included Nobel Laureate Wole Soyinka, World Bank Vice President for Africa Dr. Obiageli Ezekwesili, Congressman Donald M. Payne (D-NJ), and Rosa Whitaker, President and CEO of The Whitaker Group.
The event was attended by a distinguished audience of African Diplomats, the Nigerian Diaspora community and leaders of US Foundations, businesses and institutions committed to Nigeria's development.
"I was deeply honored to be recognized in this way by the NHEF," says Ms. Whitaker, who received the Business Leadership Award. "Knowledge is power and education is key to economic development. Indeed, we need only look at Southeast Asia to see how the availability of higher education can benefit a nation's economy." Accepting the Leadership in Education Award, former Nigerian Education Minister Dr. Oby Ezekwesili asserted, "We can't sit back and watch the intellectual capital of Africa, especially of Nigeria, to be denigrated; we must reconnect all the brain power in this room back to Nigeria.... It is in the context of intellectual capital that development happens."
The NHEF, launched in 2004 with support from the John and Catherine T. MacArthur Foundation, is an independent, not-for-profit, non-governmental organization that seeks to enhance the quality of education in Nigeria through direct support for five universities: Ahmadu Bello University in Zaria; Bayero University in Kano; University of Ibadan; University of Nigeria Nsukka; and University of Port Harcourt.
Source: The Whitaker Group
CONTACT: Meg Dallett of The Whitaker Group, +1-202-293-1453,
margaret@thewhitakergroup.us
Releases displayed in Africa/Lagos time
1 Jul 2009
09:00
Power Rental in Africa to Double by 2014, Reveals Frost & Sullivan
30 Jun 2009
15:53
Nigeria Higher Education Foundation Presents Leadership Awards to Soyinka, Payne, Ezekwesili, and Whitaker
15:00
MacArthur to Support Master's Programs Around the World Offering Professional Training for Future Sustainable Development Leaders
29 Jun 2009
22:00
Obama Rockets to Top of Poll on Global Leaders
16:29
Midbrook Partners With SupplyCore Middle East to Provide Water Bottling and Medical Decontamination Equipment to the Middle East and North Africa
Nigeria Higher Education Foundation Presents Leadership Awards to Soyinka, Payne, Ezekwesili, and Whitaker
WASHINGTON, June 30 /PRNewswire/ -- The Nigeria Higher Education Foundation (NHEF), on June 24, 2009, honored four distinguished leaders for their commitment to sustainable development through education at an inaugural gala event in New York City. Honorees included Nobel Laureate Wole Soyinka, World Bank Vice President for Africa Dr. Obiageli Ezekwesili, Congressman Donald M. Payne (D-NJ), and Rosa Whitaker, President and CEO of The Whitaker Group.
The event was attended by a distinguished audience of African Diplomats, the Nigerian Diaspora community and leaders of US Foundations, businesses and institutions committed to Nigeria's development.
"I was deeply honored to be recognized in this way by the NHEF," says Ms. Whitaker, who received the Business Leadership Award. "Knowledge is power and education is key to economic development. Indeed, we need only look at Southeast Asia to see how the availability of higher education can benefit a nation's economy." Accepting the Leadership in Education Award, former Nigerian Education Minister Dr. Oby Ezekwesili asserted, "We can't sit back and watch the intellectual capital of Africa, especially of Nigeria, to be denigrated; we must reconnect all the brain power in this room back to Nigeria.... It is in the context of intellectual capital that development happens."
The NHEF, launched in 2004 with support from the John and Catherine T. MacArthur Foundation, is an independent, not-for-profit, non-governmental organization that seeks to enhance the quality of education in Nigeria through direct support for five universities: Ahmadu Bello University in Zaria; Bayero University in Kano; University of Ibadan; University of Nigeria Nsukka; and University of Port Harcourt.
Source: The Whitaker Group
CONTACT: Meg Dallett of The Whitaker Group, +1-202-293-1453,
margaret@thewhitakergroup.us
Releases displayed in Africa/Lagos time
1 Jul 2009
09:00
Power Rental in Africa to Double by 2014, Reveals Frost & Sullivan
30 Jun 2009
15:53
Nigeria Higher Education Foundation Presents Leadership Awards to Soyinka, Payne, Ezekwesili, and Whitaker
15:00
MacArthur to Support Master's Programs Around the World Offering Professional Training for Future Sustainable Development Leaders
29 Jun 2009
22:00
Obama Rockets to Top of Poll on Global Leaders
16:29
Midbrook Partners With SupplyCore Middle East to Provide Water Bottling and Medical Decontamination Equipment to the Middle East and North Africa
Tuesday, June 30, 2009
Nollywood Stars Support ION International Film Festival
The heavy rainfall of Tuesday morning did not stop the leading stars of Nollywood from thronging their favourite rendezvous Ojez Restaurant inside the National Stadium in Surelere, Lagos, to grace the press parley on the 6th ION International Film Festival to be held in December in the oil rich city of Port Harcourt in Rivers State, and making Nigeria the first host of ION in Africa.
Amaka Igwe, Zeb Ejiro,Kanayo O. Kanayo , Lancelot Imaseun, Charles Novia, Paul Obazele, the new President of the Association of Movie Producers (AMP), Madu Chikwenda, the founder and CEO of Lagos International Film Festival, Emeka Rollas and other Nollywood authorities spoke at the event on the importance of ION in re-branding the global image of Nigeria. Some top Nollywood actresses were also there. I noticed that the X-rated actress Cossy Ojiokor and top female producer and director Emem Isong were in their best elements as they tickled each other while Stephanie Okereke was on the high table and the beautiful Lilian Bach was a delight to sight.
Ilaria Chessa, the Creative Director of ION addressed the audience and answered all the questions on why Port Harcourt was chosen as the venue of the 2009 edition of ION, the importance and significance of the touring film festival to Nollywood and the public officials of the Rivers state government were excited to be co-sponsors of the 6th ION. They promised that their state government will guarantee the security of the event and dismissed fears of the militants in the volatile Niger Delta region.
ION got the approval of the stakeholders of the Nigerian film industry as they pledged their cooperation and support for the international film festival.
Sunday, June 28, 2009
Will German Doctor Plastinate Michael Jackson Like His Pet Monkey Bubbles?
28 Jun 2009 13:42 Africa/Lagos
Plastic Jacko Drives Bookies Into Meltdown
DUBLIN, June 28/PRNewswire-FirstCall/ --
- Shrewd Punters Hatch Michael Jackson Betting Coup
German doctor Gunther von Hagens has given Irish bookmaking outfit Paddy Power a potential EUR80,000 (USD$112,500) bloody nose with his claims that an agreement was in place with Michael Jackson to plastinate his remains upon his death. Von Hagens has caused controversy around the globe with his practice of embalming corpses with preserving polyurethane. The doctor also preserved Michael Jackson's late pet monkey, Bubbles, using the same process a number of years ago
Paddy Power was offering odds of what will happen to Michael Jackson's remains with a traditional burial or cremation the two most likely outcomes. Others options such as blasting into space and recycling were also available to bet on.
One of the most bizarre options however was for the singer's body to be preserved in plastic at very unlikely odds of 100/1. However shrewd punters managed to get wind of von Hagen's plans and placed bets in excess of EUR800 (USD$1,120) on Jackson's remains to be "plastinated". Should this happen Paddy Power will are now facing a payout of EUR80,000.
Paddy Power said "There's no doubt about it; we've got a right kicking where the sun don't shine from these punters. The average bet was less than EUR25 so it didn't show up on our radar until it was too late and now we're faced with a massive payout should Gunther get his way. Just like the German doctor, I take my hat off to these crafty punters, well played!"
Paddy Power are offering numerous Michael Jackson betting opportunities including the odds on the global television audience for the singers funeral (between 750 million and one billion is the odds-on favourite) and the percentage of tweets containing the words "Michael Jackson" that are sent next week.
What will happen Jacko's remains?
13/8 Buried
5/4 Cremated
4/1 Plastinated (from 100/1)
10/1 Donated to Medical Research
33/1 Cryogenically Frozen
100/1 Blasted into Space
500/1 Recycled
1000/1 Frozen in Carbonite
Global television audience for Michael Jackson's funeral
6/1 Less than 500 million
7/4 500 million - 750 million
4/5 750 million - 1 billion
2/1 Over 1 billion
Will Neverland be Michael Jackson's Final Resting Place?
2/5 Yes
13/8 No
Percentage of Global Tweets referencing "Michael Jackson" WC: 29/06/09
5/4 16% - 20% inclusive
2/1 21% - 25% inclusive
5/2 10% - 15% inclusive
4/1 Less than 10%
6/1 26% - 30% inclusive
8/1 31% - 35% inclusive
16/1 36% - 40% inclusive
28/1 41% - 50% inclusive
33/1 Over 50% inclusive
Best Selling Michael Jackson Album of 2009
5/4 Off the Wall
6/4 Thriller
2/1 Bad
6/1 Dangerous
8/1 HIStory
10/1 Invincible
16/1 Ben
20/1 Forever, Michael
28/1 Music and Me
33/1 Got to Be There
(Market excludes compilations)
Name of the Michael Jackson Movie
4/1 Michael
8/1 Invincible
9/1 Thriller
10/1 You Are Not alone
10/1 Leave Me Alone
12/1 Bad
16/1 Prince of Pop
16/1 Dangerous
16/1 Don't Stop 'til You Get Enough
18/1 Man in the Mirror
18/1 We're Almost There
20/1 What More Can I Give
20/1 One Day in Your Life
33/1 Wanna Be Startin' Somethin'
33/1 I Just Can't Stop Loving You
50/1 Black or White
66/1 Beat it
66/1 PYT (Pretty Young Thing)
100/1 The Lost Children
All prices remain subject to fluctuation.
For more information contact;
Ken Robertson
Paddy Power plc
Mob: +353-87-8528718
ken@paddypower.com
Source: Paddy Power Plc
For more information contact; Ken Robertson, Paddy Power plc, Mob: +353-87-8528718, ken@paddypower.com
CLICK HERE TO SEE THE TRIBUTE TO MICHAEL JACKSON AND POST YOUR CONDOLENCES
Friday, June 26, 2009
24 Million Nigerians Ignored and Neglected By Nigerian Banks
A Nigerian Bank
24 Million Nigerians Ignored and Neglected By Nigerian Banks
24 million people in Nigeria have been ignored and neglected by Nigerian banks according to the latest 2009 HSBC Global Report. These millions of people who are not yet included in the banked population can boost the growth of Nigerian banks in spite of the adverse effects of the global economic meltdown.
“The potential for growth among Nigerian banks is sizeable and largely untapped as studies indicated that up to 24 million people have yet to be included in the banked population, which given both the country’s demographics and income dynamics, leaves the banks with considerable potential to capture new customers.”
~ HSBC Global Report on Nigerian Banks, June 2009.
CLICK HERE TO SEE THE TRIBUTE TO MICHAEL JACKSON AND POST YOUR CONDOLENCES
Michael Jackson Has Gone
Michael Jackson (August 29, 1958–June 25, 2009).
Yesterday was one of the saddest days in America since 9/11 in 2001 and the catastrophe of Hurricane Katrina in New Orleans on August 29, 2005, when the shocking news of the sudden death of the awesome Michael Jackson shook the United States of America and echoed all over the rest of the world within seconds. Hope Obioma Opara, the Publisher of Supple magazine woke me up at about 2 am Nigerian time to break the sad news to me in tears. His younger brother Outragiouz, a Nigerian Hip-hop artiste based in America had called him to tell him that MJ was no more among the living mortals on earth. I felt feverish and sat up in bed and could no longer sleep.
It could be a hoax, I said to Hope.
No Mike, Michael is dead! He said.
Hope is a fanatic of MJ since his teens and in fact his parents stopped him from going to America to prevent him from following in the footsteps of his idol.
We kept vigil to mourn MJ and listened to more news on him on the radio.
As we are still mourning Michael Jackson, then the news of the death of Farrah Fawcett, (February 2, 1947 — June 25, 2009) hit me this morning. She was one of my favourite actresses of all time and one of the most celebrated pin-up sex symbols on TV. What a weekend of sorrows in America.
Michael Jackson was phenomenal and like Elvis Presley who was the indisputable King of Rock 'n' Roll, Michael Jackson was the first King of Pop Music and there can never be another Michael Jackson.
Farewell in eternity, Michael Jackson.
26 Jun 2009 05:08 Africa/Lagos
Sony Comments on the Passing of Michael Jackson
NEW YORK, June 26 /PRNewswire/ -- Michael Jackson, one of the most widely beloved entertainers and profoundly influential artists of all-time, leaves an indelible imprint on popular music and culture.
Commenting on his passing, Sir Howard Stringer, Chairman, CEO and President, Sony Corporation, said: "Michael Jackson was a brilliant troubadour for his generation, a genius whose music reflected the passion and creativity of an era. His artistry and magnetism changed the music landscape forever. We have been profoundly affected by his originality, creativity and amazing body of work. The entire Sony family extends our deepest condolences to his family and to the millions of fans around the world who loved him."
Rolf Schmidt-Holtz, CEO, Sony Music Entertainment, said: "Michael Jackson's unsurpassed artistry and beloved music brought joy to every corner of the world. We join today with his millions of fans in expressing our profound sadness and we offer our deepest condolences to his family and loved ones. It was a true privilege for all of us in the Sony Music family to work with one of the most talented superstars in the history of music. We will miss him greatly."
Martin Bandier, Chairman & CEO of Sony/ATV Music Publishing, said: "Michael was the kind of amazing talent that comes along once in a lifetime. He was an incredible recording artist, an insightful businessman, an unmatched performer, and a true icon. To all of us at Sony/ATV Music Publishing, he was also a trusted and passionate partner, who was very proud of our accomplishments. He will be dearly missed. We wish his children and entire family our deepest condolences."
Five of Jackson's solo albums - "Off the Wall," "Thriller," "Bad," "Dangerous" and "HIStory," all with Epic Records, a Sony Music label - are among the top-sellers of all time. During his extraordinary career, he sold an estimated 750 million records worldwide, released 13 No. 1 singles and became one of a handful of artists to be inducted twice into the Rock and Roll Hall of Fame. The Guinness Book of World Records recognized Jackson as the Most Successful Entertainer of All Time and "Thriller" as the Biggest Selling Album of All Time. Jackson won 13 Grammy Awards and received the American Music Award's Artist of the Century Award.
Michael Jackson started in the music business at the age of 11 with his brothers as a member of the Jackson 5. In the early 1980s, he defined the art form of music video with such ground-breaking videos as "Billie Jean," "Beat It" and the epic "Thriller." Jackson's sound, style and dance moves inspired subsequent generations of pop, soul, R&B and hip-hop artists.
Source: Sony Corporation
CONTACT: Sandy Genelius of Sony Corporation of America, +1-212-833-6975;
Liz Young of Sony Music Entertainment, +1-212-833-8558; Jimmy Asci, Sony/ATV
Music Publishing +1-212-833-4513
Releases displayed in Africa/Lagos time
26 Jun 2009
05:26
SIRIUS XM Radio to Pay Tribute to Michael Jackson with Special Programming Across its Music Channels
05:08
Sony Comments on the Passing of Michael Jackson
04:11
Sudden Cardiac Arrest Foundation Mourns the Loss of Michael Jackson
02:05
American Heart Association Extends Sympathy to Family of Singer Michael Jackson
00:56
Tributes.com Establishes Online Memorial for Michael Jackson: A Place to Share Memories and Condolences
00:53
Congressman Chaka Fattah Responds to Death of Michael Jackson
00:24
Michael Jackson's Death Underscores the Tragedy and Impact of Sudden Cardiac Arrest
Michael Jackson Dies at 50
Farrah Fawcett Dies at 62
President Obama, LAUSD Board of Education Recognize California Academic Decathletes
PepsiCo Opens First Overseas 'Green' Plant in China as Part of $1 Billion Investment Effort
First Lady Michelle Obama Celebrates the National Design Awards with Public Programs and White House Ceremony
Independence Day
Workplace & Careers II Feature Package
Wednesday, June 24, 2009
Inside Lagos
Last Wednesday June 17, 2009, at the head of the bridge at the canal before the rowdy Obalende Bus Stop, I saw the corpse of a stone-cold dead young woman fully dressed in blouse and skirt. But nobody seemed to notice or care about her. Traders and shoppers were too busy and most commuters did not want to gape or mope at the horrific sight. I was moved to report it to one of the workers of the Lagos Waste Management Authority (LAWMA) nearby, but he was not even alarmed and continued with his normal work at the bus stop. Then the following day, at the Onikan end of the canal, I saw a homeless teenage boy sleeping peacefully like an angel in disguise in filthy rags. Passers-by were going to and fro and I was wondering if anyone of them could be bothered or concerned about him. People simply passed by and went on their way. This is Lagos, where most people live in self-denial of the horrific sights of human predicament and continue their merriment in romantic escapism. Most of them have very low appreciation of life with little or no respect for human dignity. They live in conceit and deceit.
Tuesday, June 23, 2009
Boeing Postpones 787 First Flight
23 Jun 2009 14:00 Africa/Lagos
Boeing Postpones 787 First Flight
EVERETT, Wash., June 23 /PRNewswire-FirstCall/ -- Boeing (NYSE:BA) today announced that first flight of the 787 Dreamliner will be postponed due to a need to reinforce an area within the side-of-body section of the aircraft.
The need was identified during the recent regularly scheduled tests on the full-scale static test airplane. Preliminary analysis indicated that flight test could proceed this month as planned. However, after further testing and consideration of possible modified flight test plans, the decision was made late last week that first flight should instead be postponed until productive flight testing could occur.
First flight and first delivery will be rescheduled following the final determination of the required modification and testing plan. It will be several weeks before the new schedule is available. The 787 team will continue with other aspects of testing on Airplane #1, including final gauntlet testing and low-speed taxiing. Work will also continue on the other five flight test aircraft and the subsequent aircraft in the production system.
Scott Carson, president and CEO of Boeing Commercial Airplanes said a team of experts has already identified several potential solutions.
"Consideration was given to a temporary solution that would allow us to fly as scheduled, but we ultimately concluded that the right thing was to develop, design, test and incorporate a permanent modification to the localized area requiring reinforcement. Structural modifications like these are not uncommon in the development of new airplanes, and this is not an issue related to our choice of materials or the assembly and installation work of our team," Carson said.
Boeing's financial guidance will be updated to reflect any impact of these changes when the company issues its second quarter 2009 earnings report in July.
Boeing will hold a conference call with Carson, Pat Shanahan, vice president and general manager of Airplane Programs, and Scott Fancher, vice president and general manager of the 787 program, to discuss the 787 program today at 10:00 a.m. EDT, 7:00 a.m., PDT. A webcast of that call will be accessible at www.boeing.com.
Contact:
Yvonne Leach, Communications, 206-854-5027
Lori Gunter, Communications, 206-931-5919
Rob Young, Investor Relations, 312-544-2140
Source: Boeing
CONTACT: Yvonne Leach, Communications, +1-206-854-5027, or Lori Gunter,
Communications, +1-206-931-5919, or Rob Young, Investor Relations,
+1-312-544-2140, all of Boeing
Boeing Postpones 787 First Flight
EVERETT, Wash., June 23 /PRNewswire-FirstCall/ -- Boeing (NYSE:BA) today announced that first flight of the 787 Dreamliner will be postponed due to a need to reinforce an area within the side-of-body section of the aircraft.
The need was identified during the recent regularly scheduled tests on the full-scale static test airplane. Preliminary analysis indicated that flight test could proceed this month as planned. However, after further testing and consideration of possible modified flight test plans, the decision was made late last week that first flight should instead be postponed until productive flight testing could occur.
First flight and first delivery will be rescheduled following the final determination of the required modification and testing plan. It will be several weeks before the new schedule is available. The 787 team will continue with other aspects of testing on Airplane #1, including final gauntlet testing and low-speed taxiing. Work will also continue on the other five flight test aircraft and the subsequent aircraft in the production system.
Scott Carson, president and CEO of Boeing Commercial Airplanes said a team of experts has already identified several potential solutions.
"Consideration was given to a temporary solution that would allow us to fly as scheduled, but we ultimately concluded that the right thing was to develop, design, test and incorporate a permanent modification to the localized area requiring reinforcement. Structural modifications like these are not uncommon in the development of new airplanes, and this is not an issue related to our choice of materials or the assembly and installation work of our team," Carson said.
Boeing's financial guidance will be updated to reflect any impact of these changes when the company issues its second quarter 2009 earnings report in July.
Boeing will hold a conference call with Carson, Pat Shanahan, vice president and general manager of Airplane Programs, and Scott Fancher, vice president and general manager of the 787 program, to discuss the 787 program today at 10:00 a.m. EDT, 7:00 a.m., PDT. A webcast of that call will be accessible at www.boeing.com.
Contact:
Yvonne Leach, Communications, 206-854-5027
Lori Gunter, Communications, 206-931-5919
Rob Young, Investor Relations, 312-544-2140
Source: Boeing
CONTACT: Yvonne Leach, Communications, +1-206-854-5027, or Lori Gunter,
Communications, +1-206-931-5919, or Rob Young, Investor Relations,
+1-312-544-2140, all of Boeing
Saturday, June 20, 2009
Stanford Financial Group Executives and Former Chairman of Antiguan Bank Regulator Indicted for Fraud and Obstruction
19 Jun 2009 17:51 Africa/Lagos
Stanford Financial Group Executives and Former Chairman of Antiguan Bank Regulator Indicted for Fraud and Obstruction
Charges Related to $7 Billion Dollar Scheme to Defraud Investors
WASHINGTON, June 19 /PRNewswire-USNewswire/ -- Robert Allen Stanford, 59, chairman of the Houston-based Stanford Financial Group (SFG), three SFG executives and the former chief executive officer of the Antiguan bank regulatory agency have been indicted on fraud and obstruction charges related to a $7 billion scheme to defraud investors, announced Lanny A. Breuer, Assistant Attorney General of the Criminal Division; Tim Johnson, U.S. Attorney for the Southern District of Texas; Kevin Perkins, Assistant Director of the FBI's Criminal Investigative Division; Eileen Mayer, Chief of Internal Revenue Service - Criminal Investigation; and Greg Campbell, Deputy Chief Inspector, U.S. Postal Inspection Service.
Also charged in an indictment returned in Houston yesterday and unsealed today was Laura Pendergest-Holt, 35, SFG's chief investment officer; Gilberto Lopez, 66, SFG's chief accounting officer; Mark Kuhrt, 37, SFG's global controller; and Leroy King, 63, the former administrator and CEO of Antigua's Financial Services Regulatory Commission. Stanford was arrested in Virginia last night, and is scheduled to make an initial appearance today in Richmond. Lopez and Kuhrt were arrested this morning and will make initial appearances in Houston this afternoon. Pendergest-Holt, who previously was indicted on obstruction-related charges, will make her initial appearance on the charges unsealed today in Houston in the near future.
"The Department of Justice will vigorously root out and expose financial crimes that wreak havoc on innocent investors," said Lanny A. Breuer, Assistant Attorney General of the Criminal Division. "Investors need access to accurate and truthful financial information in order to make decisions about how to invest their hard-earned savings. Their savings, and indeed the integrity of our capital markets, are jeopardized when investors are deceived. These difficult economic times make the mission of the Department all the more important."
"The investing public needs to be assured that it is protected from those who would corruptly deprive them of their financial security," said U.S. Attorney Tim Johnson of the Southern District of Texas. "When individuals or business entities engage in fraudulent activity designed to deprive investors of their assets, we will devote whatever resources necessary to bring them to justice."
"Economic crime schemes such as those alleged here today are unfortunately all too commonplace," said Assistant Director Kevin Perkins, FBI Criminal Investigative Division. "These crimes strike at the heart of our economy and our quality of life."
"The IRS is united with the federal law enforcement community in our resolve to put out of business those financial schemes that defraud investors and the U.S. government," said Eileen Mayer, Chief, IRS Criminal Investigation. "This is particularly true as it relates to international financial fraud, and we will continue to follow the money in order to bring those responsible to justice."
"Robert Stanford's investors trusted him and his associates, in many instances, with their life savings," said Gregory Campbell, Deputy Chief Inspector, U.S. Postal Inspection Service. "When allegations are made that the U.S. Mail has been used to violate such a trust, it's our job as Postal Inspectors to restore America's confidence in the integrity of its postal system and help to bring the violators to justice."
According to the indictment, Stanford and his co-defendants engaged in a scheme to defraud investors who purchased approximately $7 billion in certificates of deposit administered by Stanford International Bank Ltd. (SIBL), an offshore bank controlled by Stanford and located on the island of Antigua. Stanford and his co-defendants allegedly misused and misappropriated most of those investor assets, including diverting more than $1.6 billion into undisclosed personal loans to Stanford himself, while misrepresenting to investors SIBL's financial condition, its investment strategy and the extent of its regulatory oversight by Antiguan authorities. For example, the indictment alleges the following:
-- That the defendants allegedly falsely claimed that SIBL's assets grew
from approximately $1.2 billion in 2001 to approximately $8.5 billion
in December of 2008. The indictment alleges that, in fact,
approximately $5 billion of SIBL's reported assets consisted of notes
on loans to Stanford and grossly overstated interests in "island
properties," including more than $2 billion added to the books in 2008
from an allegedly artificial real estate deal that Stanford and his
co-conspirators conceived to inflate the bank's reported assets;
-- That Stanford and his co-defendants allegedly falsely represented to
investors that SIBL's investment strategy was to "minimize risk and
achieve liquidity" and promised rates of return on CDs that in the end
were simply too good to be true in light of the bank's actual
investments and assets; and
-- That Stanford and his co-defendants allegedly made false and
misleading representations about the regulatory scrutiny of the bank
by Antiguan authorities, when, in fact, Stanford was making corrupt
payments of more than $100,000 to King to ensure that the Antiguan
bank regulatory authority that he headed did not accurately audit, or
verify the assets reported in the bank's financial statements.
Also according to the indictment, Stanford, Pendergest-Holt and King conspired to conceal the fraud from the U.S. Securities and Exchange Commission (SEC) in order to fend off an SEC investigation. King allegedly provided Stanford and others with confidential information that he had received from an official SEC inquiry into a possible fraud on investors by SIBL so that additional false representations concerning SIBL's financial health and Antiguan regulatory oversight could be made. In addition, Stanford, Pendergest-Holt and others allegedly agreed that Pendergest-Holt would provide false information to the SEC about the true value of SIBL's investment portfolio.
The defendants are charged with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire fraud; ten counts of mail fraud; and one count of conspiracy to commit money laundering. The indictment also charges Stanford, Pendergest-Holt, and King with conspiracy to obstruct an SEC proceeding. The indictment seeks forfeiture of the proceeds of the fraud from all defendants, including forfeiture of specific foreign bank accounts controlled by Stanford, Davis and Pendergest-Holt.
Also unsealed today was a criminal information charging James M. Davis, 60, SFG's chief financial officer, with conspiracy to commit mail, wire and securities fraud; mail fraud; and conspiracy to obstruct an SEC investigation. The information seeks forfeiture of up to $1 billion in fraud proceeds. Davis will make his initial appearance on these charges in Houston in the near future.
Additionally, also unsealed today was an indictment returned in the Southern District of Florida charging Bruce Perraud, 42, a former SFG Global Security Specialist, with destruction of records related to a federal investigation. Perraud allegedly ordered and supervised the destruction of numerous SFG documents housed at SFG's Fort Lauderdale, Fla., office after he was put on notice that a federal court had ordered the preservation of SFG documents in connection with an SEC investigation and lawsuit. Perraud was arrested in the area of Naples, Fla., this morning and will make his initial appearance in the near future.
An indictment is merely an accusation and defendants are presumed innocent until and unless proven guilty at trial beyond a reasonable doubt.
The case is being investigated by the FBI's Houston Field Office, Internal Revenue Service - Criminal Investigation, and the U.S. Postal Inspection Service. The case is being prosecuted by individuals from the Criminal Division's Fraud Section, including Paul E. Pelletier, Principal Deputy Chief; Jack Patrick, Senior Litigation Counsel; Matthew Klecka, Trial Attorney; and Allan Medina, Law Clerk of the Criminal Division's Fraud Section, as well as Gregg Costa, Assistant U.S. Attorney, Southern District of Texas.
The Criminal Division's Asset Forfeiture and Money Laundering Section assisted the trial team by working with our foreign counterparts to facilitate the freezing of more than $300 million of Stanford's assets in the United Kingdom, Canada and other countries. The Criminal Division's Office of International Affairs and the U.S. Attorney's Office for the Southern District of Florida also provided assistance in this matter.
Source: U.S. Department of Justice
CONTACT: U.S. Department of Justice, +1-202-514-2007, +1-202-514-1888
(TDD)
Web Site: http://www.usdoj.gov/
Stanford Financial Group Executives and Former Chairman of Antiguan Bank Regulator Indicted for Fraud and Obstruction
Charges Related to $7 Billion Dollar Scheme to Defraud Investors
WASHINGTON, June 19 /PRNewswire-USNewswire/ -- Robert Allen Stanford, 59, chairman of the Houston-based Stanford Financial Group (SFG), three SFG executives and the former chief executive officer of the Antiguan bank regulatory agency have been indicted on fraud and obstruction charges related to a $7 billion scheme to defraud investors, announced Lanny A. Breuer, Assistant Attorney General of the Criminal Division; Tim Johnson, U.S. Attorney for the Southern District of Texas; Kevin Perkins, Assistant Director of the FBI's Criminal Investigative Division; Eileen Mayer, Chief of Internal Revenue Service - Criminal Investigation; and Greg Campbell, Deputy Chief Inspector, U.S. Postal Inspection Service.
Also charged in an indictment returned in Houston yesterday and unsealed today was Laura Pendergest-Holt, 35, SFG's chief investment officer; Gilberto Lopez, 66, SFG's chief accounting officer; Mark Kuhrt, 37, SFG's global controller; and Leroy King, 63, the former administrator and CEO of Antigua's Financial Services Regulatory Commission. Stanford was arrested in Virginia last night, and is scheduled to make an initial appearance today in Richmond. Lopez and Kuhrt were arrested this morning and will make initial appearances in Houston this afternoon. Pendergest-Holt, who previously was indicted on obstruction-related charges, will make her initial appearance on the charges unsealed today in Houston in the near future.
"The Department of Justice will vigorously root out and expose financial crimes that wreak havoc on innocent investors," said Lanny A. Breuer, Assistant Attorney General of the Criminal Division. "Investors need access to accurate and truthful financial information in order to make decisions about how to invest their hard-earned savings. Their savings, and indeed the integrity of our capital markets, are jeopardized when investors are deceived. These difficult economic times make the mission of the Department all the more important."
"The investing public needs to be assured that it is protected from those who would corruptly deprive them of their financial security," said U.S. Attorney Tim Johnson of the Southern District of Texas. "When individuals or business entities engage in fraudulent activity designed to deprive investors of their assets, we will devote whatever resources necessary to bring them to justice."
"Economic crime schemes such as those alleged here today are unfortunately all too commonplace," said Assistant Director Kevin Perkins, FBI Criminal Investigative Division. "These crimes strike at the heart of our economy and our quality of life."
"The IRS is united with the federal law enforcement community in our resolve to put out of business those financial schemes that defraud investors and the U.S. government," said Eileen Mayer, Chief, IRS Criminal Investigation. "This is particularly true as it relates to international financial fraud, and we will continue to follow the money in order to bring those responsible to justice."
"Robert Stanford's investors trusted him and his associates, in many instances, with their life savings," said Gregory Campbell, Deputy Chief Inspector, U.S. Postal Inspection Service. "When allegations are made that the U.S. Mail has been used to violate such a trust, it's our job as Postal Inspectors to restore America's confidence in the integrity of its postal system and help to bring the violators to justice."
According to the indictment, Stanford and his co-defendants engaged in a scheme to defraud investors who purchased approximately $7 billion in certificates of deposit administered by Stanford International Bank Ltd. (SIBL), an offshore bank controlled by Stanford and located on the island of Antigua. Stanford and his co-defendants allegedly misused and misappropriated most of those investor assets, including diverting more than $1.6 billion into undisclosed personal loans to Stanford himself, while misrepresenting to investors SIBL's financial condition, its investment strategy and the extent of its regulatory oversight by Antiguan authorities. For example, the indictment alleges the following:
-- That the defendants allegedly falsely claimed that SIBL's assets grew
from approximately $1.2 billion in 2001 to approximately $8.5 billion
in December of 2008. The indictment alleges that, in fact,
approximately $5 billion of SIBL's reported assets consisted of notes
on loans to Stanford and grossly overstated interests in "island
properties," including more than $2 billion added to the books in 2008
from an allegedly artificial real estate deal that Stanford and his
co-conspirators conceived to inflate the bank's reported assets;
-- That Stanford and his co-defendants allegedly falsely represented to
investors that SIBL's investment strategy was to "minimize risk and
achieve liquidity" and promised rates of return on CDs that in the end
were simply too good to be true in light of the bank's actual
investments and assets; and
-- That Stanford and his co-defendants allegedly made false and
misleading representations about the regulatory scrutiny of the bank
by Antiguan authorities, when, in fact, Stanford was making corrupt
payments of more than $100,000 to King to ensure that the Antiguan
bank regulatory authority that he headed did not accurately audit, or
verify the assets reported in the bank's financial statements.
Also according to the indictment, Stanford, Pendergest-Holt and King conspired to conceal the fraud from the U.S. Securities and Exchange Commission (SEC) in order to fend off an SEC investigation. King allegedly provided Stanford and others with confidential information that he had received from an official SEC inquiry into a possible fraud on investors by SIBL so that additional false representations concerning SIBL's financial health and Antiguan regulatory oversight could be made. In addition, Stanford, Pendergest-Holt and others allegedly agreed that Pendergest-Holt would provide false information to the SEC about the true value of SIBL's investment portfolio.
The defendants are charged with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire fraud; ten counts of mail fraud; and one count of conspiracy to commit money laundering. The indictment also charges Stanford, Pendergest-Holt, and King with conspiracy to obstruct an SEC proceeding. The indictment seeks forfeiture of the proceeds of the fraud from all defendants, including forfeiture of specific foreign bank accounts controlled by Stanford, Davis and Pendergest-Holt.
Also unsealed today was a criminal information charging James M. Davis, 60, SFG's chief financial officer, with conspiracy to commit mail, wire and securities fraud; mail fraud; and conspiracy to obstruct an SEC investigation. The information seeks forfeiture of up to $1 billion in fraud proceeds. Davis will make his initial appearance on these charges in Houston in the near future.
Additionally, also unsealed today was an indictment returned in the Southern District of Florida charging Bruce Perraud, 42, a former SFG Global Security Specialist, with destruction of records related to a federal investigation. Perraud allegedly ordered and supervised the destruction of numerous SFG documents housed at SFG's Fort Lauderdale, Fla., office after he was put on notice that a federal court had ordered the preservation of SFG documents in connection with an SEC investigation and lawsuit. Perraud was arrested in the area of Naples, Fla., this morning and will make his initial appearance in the near future.
An indictment is merely an accusation and defendants are presumed innocent until and unless proven guilty at trial beyond a reasonable doubt.
The case is being investigated by the FBI's Houston Field Office, Internal Revenue Service - Criminal Investigation, and the U.S. Postal Inspection Service. The case is being prosecuted by individuals from the Criminal Division's Fraud Section, including Paul E. Pelletier, Principal Deputy Chief; Jack Patrick, Senior Litigation Counsel; Matthew Klecka, Trial Attorney; and Allan Medina, Law Clerk of the Criminal Division's Fraud Section, as well as Gregg Costa, Assistant U.S. Attorney, Southern District of Texas.
The Criminal Division's Asset Forfeiture and Money Laundering Section assisted the trial team by working with our foreign counterparts to facilitate the freezing of more than $300 million of Stanford's assets in the United Kingdom, Canada and other countries. The Criminal Division's Office of International Affairs and the U.S. Attorney's Office for the Southern District of Florida also provided assistance in this matter.
Source: U.S. Department of Justice
CONTACT: U.S. Department of Justice, +1-202-514-2007, +1-202-514-1888
(TDD)
Web Site: http://www.usdoj.gov/
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