Stanford Indicted for Fraud by US Grand Jury

June 19th, 2009
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Allen Stanford, the billionaire financier who has been under investigation for an alleged $8 billion fraud scheme, has been indicted by a federal grand jury. Stanford surrendered to authorities yesterday and is due to appear in federal court today, according to the Washington Post.

Stanford is accused of orchestrating a massive Ponzi scheme that involved advising clients to buy certificates of deposit from his Antigua bank. In addition to Stanford, six other individuals are being charged in the indictment, including three executives of Stanford Financial Group.
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Stanford Financial Group
Related People: R. Allen Stanford
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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