According to the New York Times, R. Allen Stanford, the Texas billionaire accused of running a multibillion-dollar Ponzi scheme, and at least four others, including an Antiguan official, have been indicted in the fraud case, a federal prosecutor said Friday morning.
In February, the Securities and Exchange Commission shut down Mr. Stanford’s financial operations, while filing a civil suit accusing him and two other senior executives of committing a fraud it characterized as a “massive Ponzi scheme.”
The suspected fraud involved billions of dollars of certificates of deposit issued by Stanford International Bank on Antigua. The instruments paid unusually high returns and were marketed around the world, particularly in the United States and Latin America.
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Texas Financier, 4 Others Said to Face Indictment
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