Billionaire charged with fraud
Güncelleme Tarihi:
The Associated Press
Oluşturulma Tarihi: Şubat 19, 2009 00:00
NEW YORK - U.S. federal regulators on Tuesday charged Texas financier Allen Stanford and three of his firms with a "massive" fraud that centered around high-interest-rate certificates of deposit, and raided some of the companies' offices.
In a complaint filed in federal court in Dallas, the Securities and Exchange Commission alleged Stanford orchestrated a fraudulent investment scheme centered on an $8 billion CD program that promised "improbable and unsubstantiated high interest rates."
Stanford's assets, along with those of the three companies, were frozen. Stanford's firms include Antigua-based Stanford International Bank, broker-dealer Stanford Group and investment adviser Stanford Capital Management, which are both based in Houston.
The bank's chief financial officer, James Davis, and Stanford Financial Group's chief investment officer, Laura Pendergest-Holt, were also charged.
U.S. District Court Judge Reed O'Connor has appointed a receiver to handle the frozen assets. The charges come amid an investigation that has lasted more than three months and included the SEC, the Financial Industry Regulatory Authority, the U.S. brokerage industry's self-policing body, and the Florida Office of Financial Regulation. Investigators visited the Florida offices of Stanford Group last month. Aspokesman for the U.S. Marshal's Service in Houston said agents raided Stanford's office in Houston Tuesday.
Stanford's assets, along with those of the three companies, were frozen. Stanford's firms include Antigua-based Stanford International Bank, broker-dealer Stanford Group and investment adviser Stanford Capital Management, which are both based in Houston.
The bank's chief financial officer, James Davis, and Stanford Financial Group's chief investment officer, Laura Pendergest-Holt, were also charged.
U.S. District Court Judge Reed O'Connor has appointed a receiver to handle the frozen assets. The charges come amid an investigation that has lasted more than three months and included the SEC, the Financial Industry Regulatory Authority, the U.S. brokerage industry's self-policing body, and the Florida Office of Financial Regulation. Investigators visited the Florida offices of Stanford Group last month. Aspokesman for the U.S. Marshal's Service in Houston said agents raided Stanford's office in Houston Tuesday.