AMC Liquidators capitalize on Stanford Financial
AMC Liquidators capitolizes on the collapse of Stanford Financial
AMC Liquidators has acquired the furniture of the former Stanford Financial Group.
Allen Stanford was the C.E.O. of the bank until it was seized by United States authorities in 2009, for allegations of fraud.
U.S. authorities uncovered that Stanford Financial Group was operating a “Ponzi Scheme”. This type of fradulent investment operation involves paying returns to investors from their own money or monies from subsequent investors instead of dividends earned.
Since the collapse of the bank, AMC liquidators have purchased a large amount of old assets, in the form of furniture.
AMC does not usually publicize the sources of reclaimed assets but they chose to do so in this situation based on the high profile of their client. AMC liquidators has acquired thousands of pieces of furniture at a fraction of the cost, and is enjoying the free publicity. AMC will recondition the furniture and then resell it for as high of a profit margin is possible. Michael Grimme, who runs AMC liquidators estimated the total value of the paintings and furniture to be around $2 million.
Allen Stanford has yet to be charged with any criminal offense, but is facing a $100 million dollar tax lean placed by the Internal Revenue Service.
