Sir Allen Stanford arrested in US after surrendering to the FBI

Texan billionaire accused of fradulently selling deposit certificates.

Author

Mario Christodoulou

Date published June 19, 2009 Categories

American businessman Allen Stanford surrendered to US authorities yesterday
after being accused of orchestrating a massive £6bn Ponzi scheme.

The Texan billionaire will appear in a court in Richmond, Virginia, this
morning charged with the fraud involving certificates of deposit issued by his
Antigua bank, The Guardian reported today.

Stanford has denied the charges.

The action, brought by the US Securities and Exchange Commission (SEC) accuse
him of fraudulently selling $8bn (£6bn) in certificates of deposit with
improbably high interest rates from his Stanford International Bank Ltd.

Authorities confirmed Stanford had surrended to authorities while staying in
Virginia with his girlfriend in Fredericksburg, about 50 miles south of
Washington.

Read the full story:

Sir
Allen Stanford arrested in US after surrendering to the FBI

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