Sunday, 30 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…