Stanford Found In Virginia

Feb 20 2009 | 1:06am ET

Texas billionaire and fund of hedge funds manager R. Allen Stanford, accused of ripping investors off to the tune of $8 billion, has been found.

The Federal Bureau of Investigation served civil papers on Stanford in Fredricksburg, Va., yesterday, where he has relatives. He is also making arrangements to surrender his passport.

Stanford has dual U.S. and Antiguan citizenship, as well as a home in the U.S. Virgin Islands.

Stanford was charged earlier this week with defrauding investors by the Securities and Exchange Commission. The SEC’s civil complaint, filed in Dallas federal court, accuses Stanford of promising big returns in investments he said were certificates of deposit, lying about their historical performance and safety. Three of his companies also had their assets frozen.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.