Disgraced Financier (R. Allen Stanford) Arrested In Virginia

[tomm2thumbs]

Source: CBS news

(CBS) Law enforcement sources confirm that billionaire financier R. Allen Stanford is in custody, reports CBS News correspondent Bob Orr. He was arrested tonight by FBI agents at his sister's house in Stafford, Virginia.

Stanford has been accused by the SEC of running a massive Ponzi scheme.

He surrendered to FBI agents from the Washington and Richmond field offices. It is believed he will be taken to Richmond tonight for processing, Orr reports. The Department of Justice is expected to make an announcement Friday regarding possible charges.

Investigators have said the Texas billionaire financier's offshore bank and financial companies used rosy financial predictions and old-fashioned deceit to lure investors into a scam.

Read more: http://www.cbsnews.com/stories/2009/06/18/business/main5096549.shtml?tag=stack&tag=breakingnews

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[Mira]

1. Bears watching for sure Rec # 5 (I love it when I get to do that) n/t

[radhika]

2. Why not just call him a CRIMINAL?

There's a tendency in media to use softer labels for rich, white-collar professional criminals like Stanford and Bernie. Do we ever talk about disgraced 'street-corner pharmaceutical sales reps'?

[Blue_Tires]

3. you can't be a "criminal" if you wear a $3000 suit to work everyday

:sarcasm:

[Turbineguy]

4. Vote for Bush

and trust your money to Allen Stanford.

What could possibly go wrong?

[eppur_se_muova]

5. Stanford charged with fraud in US (BBC)

Texan billionaire Sir Allen Stanford has been charged in the US with fraud and obstruction.

Announcing the indictment, the justice department said it related to a $7bn scheme to defraud investors.

Soon after, the 59-year-old appeared in court in Virginia and was remanded in custody pending a full detention hearing to be held in Texas.

He already faces civil charges over an alleged fraud worth $8bn (£6bn) - charges he denies.

Sir Allen had turned himself in to the FBI on Thursday after a warrant was issued for his arrest.
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more: http://news.bbc.co.uk/2/hi/americas/8109690.stm

[pfitz59]

6. "Sir" Allen my ass....

enough of this pseudo-royalty nonaense..

[underpants]

7. Notice how a billionaire gets arrested- no TV cameras, HE seems to set the stage

Stanford's Attorney Dick DeGuerin said Stanford walked out and asked if the agents had a warrant. He told them to arrest him if they did and that he planned to return to Houston on Friday to turn himself in if they didn't.

[Hugin]

8. What!?!? No perp walk?!?!?

No footage of a Peace Officer cramming Stanford's coat covered head into the back seat of a Cruiser?!!?!

There is no Justice!

Damn.

:gerr: