Feb 18, 2009 5:39 pm US/Pacific
The Scoop: Stolen Money for Stanford Mansion
Stolen money – as much $2 million dollars – may have been used to finish the remodeling of the Stanford Mansion state park in downtown Sacramento. The questionable funds came from Texas financier R. Allen Stanford, whom federal officials claim ran an $8 billion Ponzi scheme.
Capitol insiders have told the Scoop that during the restoration project, Mr. Stanford showed up at the Stanford Mansion in a stretch limo with checkbook in hand. He proceeded to write a $2 million check for the renovation project.
No one involved with the project knew who Mr. Stanford was – only that he claimed to be a distant relative of the mansion's original owner, Leland Stanford. The $2 million check cleared the bank, just as the $22 million renovation project was running out of money.
Today, Mr. Stanford faces a civil suit filed by the Securities and Exchange Commission alleging a massive $8 billion fraud. They say he bilked hundreds of investors with promises of huge returns.
The $2 million gift, stolen or not, was spent to restore the mansion. Meantime, Mr. Stanford has other problems. A Stanford University group is suing him and the school says Mr. Stanford really isn't related to the original Leland Stanford.
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