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

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...