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February 21st, 2009

Stanford whistleblowers tell of concerns, perks

Posted by: Chris Baltimore

For Mark Tidwell and Charles Rawl, former employees who filed a whistleblower lawsuit against Texas billionaire Allen Stanford’s financial empire, this week’s move by U.S. securities regulators to charge Stanford and two associates with “massive, ongoing fraud” brought a certain kind of redemption. But for the thousands of investors who now cannot tap into their accounts until a court-appointed receiver sorts out claims, it could be a long wait.

Tidwell and Rawl both worked in Stanford’s posh Houston headquarters until December 2007, when they say they were forced to leave. In an interview with Reuters in Houston on Feb. 19. 2009, the two talked about their growing concerns while working at Stanford, as well as the silver-spooned culture that prevailed. Click here to hear audio

Mark Tidwell, 40, a former senior vice president at Stanford, recalls a plush dining room with a new menu every day, and perks aplenty for employees fortunate enough to make the "Top Producers Club."

"You know it's different when you pull in because there is a security guard that greets every car that pulls into the parking garage," Tidwell said.

Photo credit: Reuters/Chris Baltimore (Tidwell, left, and Rawl, right, pictured at a Houston law office on Feb. 19, 2009)

Originally Published on Reuters Blog.