In a currently developing story, Reuters is reporting that Federal agents have “entered the Houston office of Stanford Financial Group”. There have been no official announcements by either the Federal officials or by the financial group, but it has been reported that three of the executives in the financial group firm have been accused of fraud by the U.S. securities regulators.
Just when we are dealing with news of job losses and the Madoff scandal, I feel quite numb in hearing another financial fraud cases. Just when the majority of Americans declared to focus on “hope”, news of corruptions has plagued the country with despair. If the accusations against Stanford Financial Group are indeed true, then the magnitude is going to be huge, because the firm has reported in overseeing $50 billion in assets. That’s a lot of trust they have been gambling over the years.
