1,000 Allen Stanford Employees Lose Jobs

The court-appointed lawyer overseeing the assets and operations of Texas billionaire Sir Allen Stanford has informed 1,000 US employees their jobs have been terminated, and announced that of the firm’s operations will be discontinued.

The cuts affect 85% of Stanford’s US employees.

Regulators have charged Stanford, his two top aides and three of his companies with a long-running $8 billion Ponzi scheme.

A small number of employees, most from the company’s Houston headquarters, will be retained to assist with the process of phasing out the company’s operations.

All terminations are effective March 6th, and employees will not receive any severance or bonus.

Career Connect (From our other career blogs):

Employment News (Sponsored by EmploymentSpectator)
Following Your Passion-Literally! (Sponsored by iamnotastalker.com)
Job Search Advice from the CEO of TravelingCrossing (Sponsored by aharrisonbarnes.com)
Layoff News (Sponsored by LayOffWatch)

Testimonial of the Week

I was very pleased with the TravelingCrossing. I found a great position within a short amount of time … I definitely recommend this to anyone looking for a better opportunity.

Jose M Santa Cruz, CA

+ Read More Testimonial

Only TravelingCrossing consolidates every job it can find in the domain and puts all of the job listings it locates in one place.

We have more jobs than any other job board.
We list jobs you will not find elsewhere that are hidden in small regional publications and employer websites
We collect jobs from more than 4,429,376 websites and post them on our site.
We are private, and therefore far fewer people are applying for the jobs on our site than are applying for those on public job boards.