FBI finds Stanford accused of $8 billion fraud in Virginia

The FBI said its agents served Texas billionaire Allen Stanford with court papers accusing him of an $8 billion fraud.

FBI finds Stanford accused of $8 billion fraud in Virginia
The FBI said on Thursday its agents found Texas billionaire Allen Stanford in the area of Fredericksburg, Virginia, and served him with court papers accusing him of an $8 billion fraud.

FBI spokesman Richard Kolko said the Federal Bureau of Investigation acted at the request of the U.S. Securities and Exchange Commission and that Stanford, whose whereabouts had been unknown for the past few days, had not been arrested.

Kolko said he did not know whether Stanford had surrendered his passport as the SEC has requested.

The SEC's complaint, accusing Stanford and three of his companies of the fraud, was served by agents from the FBI's Richmond, Virginia, office, Kolko said.

"The agents served Mr. Stanford with court orders related to the SEC civil filing against the Stanford Financial Group," Kolko said.

The SEC complaint was filed in federal court in Dallas, Texas, earlier this week. The U.S. headquarters of Stanford Group Co is in Houston, Texas.

Stanford and two other executives were accused of fraudulently selling $8 billion in high-yield certificates of deposit with impossibly high interest rates in a scheme that stretched around the world.

Fredericksburg is about 50 miles (80 km) south of Washington, D.C. Federal law enforcement officials said Stanford was believed to have relatives or acquaintances in that area.

The officials were unable to say how the FBI learned that Stanford was in Virginia, but said he had not been hiding. While he faces the SEC's civil charges, he has not been charged in any criminal case and there has been no arrest warrant issued for him, U.S. authorities have said.

Reuters
Last Mod: 20 Şubat 2009, 11:20
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