FBI Agents Find Missing Billionaire Accused in $8B Fraud
FBI agents served missing billionaire Robert Allen Stanford yesterday at the home of one of his relatives in Fredericksburg, Va.
Since the Securities and Exchange Commission charges against Stanford are civil in nature, he was not arrested, the New York Times reports. He was served with civil papers accusing him of misleading investors who bought $8 billion in certificates of deposit with improbable returns.
Federal prosecutors are investigating whether Stanford was running a Ponzi scheme, according to a story in the Wall Street Journal (sub. req.). Stanford’s businesses have been under investigation since 2006.
An unnamed official told the Times that Stanford was served after he and his girlfriend arrived at the Virginia home in a car. Stanford was said to be “extremely cordial and cooperative.”
The Wall Street Journal posted the SEC statement on Stanford’s arrest, which includes links to the SEC complaint and other court papers.
