CNBC Senior Correspondent Scott Cohn, who last year landed the only in-depth interview with flamboyant Texas billionaire Allen Stanford for his investigative story, “Secrets of the Knight: Sir Allen Stanford and the Missing Billions,”has uncovered even more details about how the alleged scheme was perpetrated.
It's been almost a year since Stanford was first accused of running a Ponzi scheme that destroyed many of his investors’ life savings, including that of residents right here in Acadiana. Cohn’s latest installment, “More Secrets of the Knight,” aired last night and will re-air Sunday, Feb. 14, at midnight.
In “More Secrets,” Cohn reports that government may have bungled the case for years. He found that the SEC first learned of potential troubles at the company as far back as 1999, earlier than previously disclosed, but didn’t start a formal investigation until 2005. The Financial Industry Regulatory Authority now acknowledges that it misread flags as far back as 2003, Cohn says, “and state regulators in Texas, Louisiana and Florida did no better.”
Cohn also has an exclusive interview with Stanford's attorney, Kent Schaffer, who claims his client is innocent, and the CNBC reporter further investigates whether Stanford bought influence with members of Congress.Allen Stanford is charged with fraud, conspiracy and obstruction in the alleged $8 billion Ponzi scheme and faces a maximum sentence of 250 years.