Accused fraudster gave big to Dems
Politico ^ | Feb. 17, 2009 | by Kenneth P. Vogel
Posted on Tuesday, February 17, 2009 4:18:53 PM by library user
The Texas financier accused by the Securities and Exchange Commission Tuesday of “massive ongoing fraud” was a generous political donor who gave more heavily to Democrats.
Since 2000, R. Allen Stanford, the chief of the Stanford Financial Group in Houston, his wife and company gave $2.2 million in political contributions – $1.7 million to Democratic candidates and committees – according to Federal Election Commission records.
The most recent donation on record was $300,000 from Stanford Financial Group to the Democratic Governors Association, a so-called 527 group not subject to campaign contribution limits.
Other big beneficiaries included the Democrats’ congressional campaign committees, which received $1.2 million over the years, and their Republican counterparts, which got $322,000, including a $28,500 personal donation last year to the National Republican Congressional Committee.
Stanford and his companies gave $128,500 to the Republican National Committee, plus $2,000 to Sen. Richard Shelby (R-Ala.), $4,000 to Sen. Charles Schumer (D-N.Y.), $4,000 to Rep. Charles Gonzalez (D-Texas), $4,000 to Sen. John Cornyn (R-Texas) and $4,800 to the committees of Rep. Charles B. Rangel (D-N.Y.), among other contributions.
The SEC accused Stanford and two associates of misrepresenting the safety and liquidity of more than $8 billion worth of certificates of deposit held in Antigua.
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