When Is The Best Time To Buy Furniture In Florida AMC Liquidators Sell Ponzi Master Allen Stanford’s Stuff

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AMC Liquidators Sell Ponzi Master Allen Stanford’s Stuff

How much will this help Ponzi victims?

When Sir Allen Stanford defrauded investors out of millions of dollars in the biggest known Ponzi scheme this side of Bernie Madoff, the world was outraged that such a wealthy man felt it necessary to use the public’s trust to get his hands on it. on more money. Now that he is in the hands of the law, AMC Liquidators is set to sell some of Stanford’s assets to make up for the millions of dollars lost. I think victims may also need low interest loans and instant cash, but maybe that’s just me.

Tamara Lush reports for The Huffington Post that AMC Liquidators is holding the auction in Fort Lauderdale, Florida. The furniture and other items for sale will come from the disgraced businessman’s offices in Miami.

One Boca Raton restaurateur bought a chestnut leather chair, cherry wood table and matching credenza for $1,500. A steal for this quality of furniture, sure, nickels and dimes compared to what Stanford did to its investors.

Where is the rest of the $2 billion?

“Value in Volume” is the slogan that AMC Liquidators brings to their auctions, and the same should apply when they try to pick up Stanford’s office assets on the open market. There are at least 25 truckloads of luxury office goods for sale, including oriental rugs, marble tables and leather sofas. Bronze eagles (Stanford Financial Group’s symbol) are also on the block, as is a photograph of the Stanford-sponsored Polo in Palm Beach County. Oh yeah, there’s also a Louis XIV tapestry. French, “king of the sun”. No delusions of grandeur on Sir Allen’s part, eh?

Estimates put the total value of the Fort Lauderdale sale at around $2 million. However, this is only the tip of the iceberg. According to Forbes, Stanford was worth $2 billion in 2008.

I’m trying to stick the setup man

In February 2009, Stanford was accused of “promising clients unrealistic returns on $8 billion in certificates of deposit” and other funds for financial fraud through an offshore bank in Antigua, Lush writes. The following month, a federal judge ruled that at least $226.6 million in “back taxes, penalties and interest” was fair game for the government. Still, Stanford continues to deny the allegations and has not even been charged with a crime. Investment director Laura Pendergest-Holt has been the scapegoat so far. Through her attorney, she claims she was “set up” by Stanford.

Meanwhile, Stanford and its lawyers are “disturbed” by the liquidation led by AMC Liquidators, saying it is “part and parcel of an overly hasty effort to liquidate a viable business that has viable revenue.” Just until they find something that sticks, Teflon.

But they must be disposed of

A federal judge in Dallas ordered it, and AMC Liquidators was happy to oblige. Michael Grimme, owner of AMC, noted that business has been on the rise in recent years due to the number of bankruptcies and downsizing. AMC was required by the courts to include all five of Stanford’s Florida offices, but only won the bid for the Miami office. According to Grimme, that’s partly because “the owners of the other four offices decided to keep the equipment instead of leasing it back. The owner of the property in Miami decided to sell the contents.”

“Many of my friends were targeted by Madoff’s scheme and I also lost a lot of money in my accounts,” he said. “We were very conscious of who we were buying this inventory from. You could say, maybe it’s a payback period.”

Give it back to them. Give them low interest loans for instant cash, even. Just make sure justice is served.

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