FBI Agent: Stanford Embezzled $262M From Stanford Int'l Bank
by: Andrew Schneider, February 15, 2012 10:02:00 am
Martin, a former bank loan officer, testified that Stanford used his private Swiss bank account to siphon more than a quarter-billion dollars in client money from Stanford International Bank.
The FBI agent said $95 million went to pay back a loan Stanford took from the same Swiss bank to buy a Venezuelan bank. He said Stanford funneled a further $85 million through the Swiss bank to Stanford-owned companies.
Martin said Stanford skimmed off money both from the Swiss bank loan and from the transfers to other Stanford companies. That, he said, was in addition to money Stanford transferred directly to bank accounts in Houston, Miami and Antigua. Martin testified that, all told, Stanford diverted $116 million in investor money to his personal accounts.
The government finished its direct questioning of Martin late in the day, passing him to defense counsel Ali Fazel. Martin is the government’s final witness.