Sir Allen Stanford allegedly arrested again

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Friday , June 19, 2009

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.

Advertising

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.

FTAdviser BLOGS RSS

Latest Post  

Treading on advisers’ toes

Yesterday, Alistair Darling announced the launch of the government’s “free imp... read more

SIGN UP TO NEWS ALERTS



FT Adviser Blogs

FTAdviser's Blogs offer daily commentary and analysis, as our writers vent spleen about the latest developments impacting on the intermediary market.

To read the latest blogs click here

FTAdviser  Jobs  RSS

More positions