Man Who Brought Down World Sports Exchange to be Profiled on ‘American Greed’ (Video)

Sir Allen Stanford is the next reputed con artist to be featured on CNBC’s must watch series “American Greed”.

Episode 67: Allen Stanford: The Dark Knight will air Wednesday, October 10th 10p | 1a ET.  Check your local listings for repeats. 

While World Sports Exchange founder Jay Cohen denied it at the time, the once reputable Antigua-based betting company is rumored to have maintained much of its funds at Sanford’s now shuttered Antigua-based bank.  Gambling911.com doesn’t find it coincidental at all that World Sports Exchange went from one day payouts to being completely unable to pay players as soon as Sanford’s bank shut down.  To date, many customers have been waiting upwards of two years for their payouts from World Sports Exchange.  The website Sportsbook Review reports that well over $1 million is owed. 

Cohen had claimed that WSEX.com, which also ran its own poker site, could not maintain bank accounts at Sanford's bank due his "being a devout Southern Baptist who was against gambling".  Oh the irony!  World Sports Exchange is widely considered one of the first successful online gambling sites and was once featured prominently on the cover of Sports Illustrated.  Cohen was later convicted and served two years for violation of The Wire Act. 

Sanford brought the entire island of Antigua to its knees back in 2009 towards the start of the worldwide financial meltdown. 

Once one of the richest men in America, he lived and loved the high life - cruising around the world on private jets and helicopters and bouncing between multiple mansions, “American Greed” reported.

He even bought his own island for $63 million. But it was all based on lies. His company, The Stanford Financial Group, made its name selling what’s usually a safe bet for investors – certificates of deposits.

He claimed the CDs came from his offshore bank on the island of Antigua, and because of that, the company offered return rates higher than those in the U.S. When the lies grew too big and his money supply dried out – he was convicted of running an international $7 billion Ponzi scheme, and is serving a 110-year sentence in federal prison. He left a trail of some 20,000 burned investors, many of whom now live in financial ruin.

And then there is the bizarre ritual Sanford is said to have performed with Antigua’s chief banking regulator (watch video below).

Chris Costigan, Gambling911.com Publisher