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Swindled

18. The Tycoon (Allen Stanford)

Swindled

A Concerned Citizen

True Crime, History, Documentary, Society & Culture

4.79.7K Ratings

🗓️ 7 October 2018

⏱️ 59 minutes

🧾️ Download transcript

Summary

The financial empire built by Allen Stanford, a mysterious man from Texas, is revealed to be a massive Ponzi scheme. Prelude: The highs-and-lows of American financier, Michael Marin. –––-–---------------------------------------- PATREON: Patreon.com/Swindled DONATE: SwindledPodcast.com/Support CONSUME: SwindledPodcast.com/Shop –––-–---------------------------------------- FOLLOW: SwindledPodcast.com Instagram.com/SwindledPodcast Twitter.com/SwindledPodcast Facebook.com/SwindledPodcast Thanks for listening. :-) Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

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0:06.3

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0:45.2

Michael Marin was literally on top of the world in the spring of 2009. He was in the process of

0:51.4

climbing Mount Everest when he stopped for an interview with the local TV station via satellite

0:55.9

in order to generate publicity for a raffle that he had organized. From an altitude of 25,000 feet,

1:03.5

Marin announced through choppy audio that he would be giving away his $6600 square foot,

1:09.0

multi-million dollar home, located in the Billmore states and Phoenix to one lucky ticket holder.

1:14.8

The drawing was planned for July 4th, 2009 and Marin calculated that he needed to sell at least

1:25.1

$176,000 tickets at $25 each to reach his target of $4.4 million. He would use some of the money

1:34.2

to pay off the remaining mortgage on the house and he planned to donate another portion to a crisis

1:39.7

of his children. Any remaining cash would go into his pockets. On the surface, the stunt appeared

1:46.5

to be nothing more than a rich man downsizing when the most attention starved man are possible,

1:51.8

but the reality was much darker. Michael Marin was in dire financial strates, but that hadn't

1:58.9

always been the case. There was a time when Michael Marin was on top of the world figuratively as well.

2:05.2

Throughout the 80s and 90s, he traded complex investment instruments on Wall Street and became a

2:10.6

millionaire. He moved to Japan and worked for global investment firms like Merrill Lynch and

2:15.8

Lehman Brothers before returning to the United States. He drove a rose-roise, traveled all over the

2:22.6

world, bought expensive art, flew his own airplane, and purchased an Arizona mansion from a business

2:30.6

partner, who had lost it for closure during the financial crisis in 2008.

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