Source: L.A. Times
Texas billionaire, R. Allen Stanford, head of the Stanford Financial Group and who the Securities and Exchange Commission said ran an $8 billion Ponzi Scheme, and who defrauded thousands of clients, was arrested late on Thursday.
Earlier this year, the Securities and Exchange Commission filed civil charges against Stanford accusing him and top member of his management team of defrauding investors of $8-billion. The SEC charges state that clients were advised to buy certificates of deposit from the Antigua-based Stanford International Bank.
According to Stanford’s attorney, Dick DeGuerin, his client “surrendered this afternoon to some FBI agents who were hiding out in black SUVs outside the residence where he was staying in Virginia.”
Stanford was taken into custody late Thursday. Law enforcement officials in Richmond, Virgina said that he is expected to appear in Federal court on Friday.
FBI arrests billionaire R. Allen Stanford
