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We all know about the big fraudsters like the Wolf of Wall Street and Bernie Madoff, but have you ever heard about a man named Allen Stanford. Allen Stanford actually pulled off the second-biggest fraud in history stealing a total of $7.2 billion. He didn't just steal this amount overnight or over a couple of months though, Allen got away with running his Ponzi scheme for a whopping 17 years. At the peak of his fraud, his bank, Stanford International Bank, managed a total of $50 billion and Allen had a personal net worth of $2.2 billion. He was eventually caught during the 2008 financial crisis as the FBI and SEC cracked down on financial institutions, and Allen's partner James Davis spilled the beans. If it wasn't for the great financial recession, Allen's fraud may still be running to this day. This video explains the story of one of the biggest frauds in history and how Allen Stanford was finally caught.

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Timestamps:
0:00 - Allen Stanford
1:01 - Legitimate Business
2:53 - Stanford International Bank
5:14 - The High Life
6:46 - The Monumental Collapse
8:38 - The Fallout

Thumbnail Credits:
Dave Einsel
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Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
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