Allen Stanford Forfeited $3 Million In Drug Money In 1999


There’s been a lot of chatter about what, if any, role drugs played in building Allan Stanford’s wealth. We know that he managed money for wealthy clients in Latin America, so was he managing money for drug dealer? Ha, do you even have to ask? In 1999 his bank forfeited $3 million worth of drug money to US and Antiguan authorities:

LA Times: In the Antiguan case, however, Tinsley and U.S. officials in Miami credit Texas-born banker R. Allen Stanford, who heads the Houston-based Stanford Financial Group, for taking a lead role in what the Antiguan government insists is a continuing effort to clean up the reputation of the island nation’s offshore banking industry.

His decision to hand over the Carrillo money, they say, was made all the more difficult by the delicate balance these islands and their bankers must maintain in an industry that most Caribbean nations see as a key to the diversification–and survival–of their economies, which rely on tourism.

In a recent interview here, Stanford said turning over the money was intended to send the message that “the government of Antigua and Barbuda is serious about dealing with money laundering.”

Ah yeah, he was real serious about dealing with money laundering… right around the same time he was trying to kill a money laundering bill in the US Congress.

And does anyone think that of the billions he held in his offshore bank, only $3 million came from a drug dealer?