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.

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