SEC Bars & Fines Three Stanford Cronies

WASHINGTON (CN) - Three former executives with an Allen Stanford bank were barred from the industry and ordered to cough up $4.7 million, an SEC administrative law judge ruled in a preliminary decision.

Fined were Stanford Group Companies former president Daniel Bogar, former chief compliance officer Bernerd Young, and the former president of its private client group Jason Green, the SEC said in a statement.

They were accused of participating in Stanford's securities fraud: marketing and selling fraudulent Certificates of Deposit issued by the Antiguan bank controlled by convicted and imprisoned Ponzi schemer Allen Stanford.

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