S2 Ep18: The Tycoon (Allen Stanford)
Swindled
Swindled
4.6 • 10.3K 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.
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Transcript
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| 0:00.0 | This episode is brought to you by Hule. Between work deadlines and just living life, it |
| 0:06.3 | can be hard to prioritize healthy eating. What if you could have a meal in 30 seconds? |
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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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