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**massons** · 02-20-2009, 07:25 AM

Stanford Served by the FBI
Financier accused of running a $8 billion Ponzi scheme had been out of sight

By Matthew Goldstein

R. Allen Stanford, the billionaire financier charged by the Securities & Exchange Commission with running an $8 billion scam, has been served with legal papers by the FBI.

On Feb. 19, FBI agents formally served him with a copy of the SEC's civil complaint at a location in Virginia. A source says the separated father of six may have been staying with a girlfriend.

Stanford has been out of sight since the SEC took action on Feb. 17 against his financial empire. Nor had he been spotted in Antigua, where the firm's offshore bank was located, or in St. Croix in the Virgin Islands, where he lives most of the year.

Regulators charged Stanford, a 58-year-old Texas-born billionaire, with misleading investors about the security of high-yielding certificates of deposit sold by the Antigua bank that he controls. That outfit, Stanford International Bank, is at the heart of Stanford's empire and purports to have more than $8 billion in assets.

Investors have flocked to branches of the Stanford's banks seeking to withdraw their funds.

02-20-2009, 07:25 AM	#1
massons Join Date Oct 2005 Posts 383 Senior Member	Ponzi scams : Stanford Served by the FBI Stanford Served by the FBI Financier accused of running a $8 billion Ponzi scheme had been out of sight By Matthew Goldstein R. Allen Stanford, the billionaire financier charged by the Securities & Exchange Commission with running an $8 billion scam, has been served with legal papers by the FBI. On Feb. 19, FBI agents formally served him with a copy of the SEC's civil complaint at a location in Virginia. A source says the separated father of six may have been staying with a girlfriend. Stanford has been out of sight since the SEC took action on Feb. 17 against his financial empire. Nor had he been spotted in Antigua, where the firm's offshore bank was located, or in St. Croix in the Virgin Islands, where he lives most of the year. Regulators charged Stanford, a 58-year-old Texas-born billionaire, with misleading investors about the security of high-yielding certificates of deposit sold by the Antigua bank that he controls. That outfit, Stanford International Bank, is at the heart of Stanford's empire and purports to have more than $8 billion in assets. Investors have flocked to branches of the Stanford's banks seeking to withdraw their funds.
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