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Sir Allen Stanford allegedly arrested again
Sir Allen Stanford has allegedly been arrested by US regulators, despite already being the subject of a Federal Bureau investigation in connection with an $8bn fraud.
According to FTAdviser.com’s sister paper the Financial Times, the Texan billionaire was arrested last night in Virginia by federal law enforcement officials.
Meanwhile, the Financial Times said that the Justice Department was expected to announce criminal charges that were returned by a federal grand jury in Houston.
It said Sir Allen is due in court on Friday in Virginia to respond to the charges.
In February, the Texan billionaire and cricket sponsor was charged by the US Securities and Exchange Commission (SEC) for allegedly committing fraud through the Stanford International Bank, which he ran. (See article.)
The US financial regulator claims the Stanford International Bank sold around $8bn in certificates of deposits (CD), promising improbable and unsubstantiated high interest rates.
