Thursday, February 19, 2009
DEVLIN BARRETT , AP
DEVLIN BARRETT , AP
Missing Billionaire, Stanford, Tracked Down by FBI
Texas financier R. Allen Stanford was tracked down Thursday in Virginia, where FBI agents served him with legal papers in a multibillion-dollar fraud case.
In a civil complaint Tuesday, the SEC accused Stanford, two other executives and three of his companies with committing an $8 billion fraud that lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments. It's not clear how much of the $8 billion was lost and how much investors might recover.
Until regulators got help Thursday from the FBI, the SEC had not been able to find Stanford.
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Posted by Editor on 02/19/09 at 06:38 AM •
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