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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

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

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of