Daily Archives: 03/06/2012

Police Force refutes reports on $90M election money

Police Force refutes reports on $90M election money

Demerara Waves – March 6, 2012

The Guyana Police Force on Tuesday refuted media reports that some GUY$90M allocated for the feeding of ranks and other duties during the election period went unaccounted for saying there was nothing sinister in the handling of the funds as alluded to in the media.

The Kaieteur News has reported that several senior police officials and particularly Divisional Commander David Ramnarine have said that they never received any money for the period during which ranks were inlying and had to rely on the business community for assistance.

In a statement Tuesday the force said dubbed the officer’s comments as “unauthorized and misleading” and sought to “set the records straight.”

It noted that a budget for proposed activities for the November 28 general and regional elections was submitted to the Ministry of Finance through the Ministry of Home Affairs and supplementary provisions were subsequently received by the Force in the sum of $90,649,200.00.  [more]

Also read:

Missing $90M…Police try to justify where $$$$$ went

March 7, 2012 | By KNews | Filed Under News

 –  Commanders maintain they got no money

— Post #1172

Allen Stanford found guilty of vast fraud

Allen Stanford found guilty of vast fraud

HOUSTON (Reuters) – Allen Stanford was convicted on Tuesday of running a $7 billion Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy.

Allen Stanford

It was a vindication for the U.S. government, which closed down Stanford’s financial empire in February 2009 but had failed for years to address signs that the business was built on air. The Stanford case was the biggest investment fraud since Bernard Madoff’s.

Stanford was found guilty on 13 counts of a 14-count criminal indictment, including fraud, conspiracy and obstructing an investigation by the U.S. Securities and Exchange Commission. He was found not guilty on one count of wire fraud. The charges carry a possible prison sentence of nearly 20 years.  [more]

— Post #1171

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