AI market round up: Another billionaire fraud case
Just a week before Bernie Madoff’s first hearing was to take place, another multi-billion dollar hedge fund fraud case emerged. Billionaire Allen Stanford, or "Sir Allen" as he is in Antigua, has allegedly ripped off investors to the tune of more than $9 billion. Once again, due diligence experts say the writing was on the wall and that they had been discouraging investors from investing money with Stanford. The most glaring red flag was that the fund returned the same performance for two years running.