Allen Stanford Found in US by FBI Agents: NBC News

[sabra]

Source: CNBC

BREAKING NEWS> Allen Stanford Found in US by FBI Agents: NBC News (Story Developing)

Read more: http://www.cnbc.com/

---

from MSNBC:

http://www.msnbc.msn.com/

BREAKING NEWS: FBI serves civil papers on Texas billionaire R. Allen Stanford in Virginia

More:
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5769259.ece

FBI tracks down Allen Stanford to Virginia


Allen Stanford, the Texan tycoon at the centre of an alleged $9.2bn fraud, was tonight found by the FBI in Virginia.

The Texan cricket impresario, believed to have $50bn in assets, boasted of having customers in 140 countries.

The US financial regulator believes that Mr Stanford duped investors, who bought bonds from Stanford International Bank in Antigua and lied about the performance of their savings.

The Securities and Exchange Commission (SEC) also accuses Mr Stanford of lying to investors about their exposure to Mr Madoff. He lost about $400,000 to the New York financier’s Ponzi scheme. He was charged by the SEC on Tuesday with defrauding investors.

[Why Syzygy]

1. Your link is to a HOME PAGE. No story there.

[sabra]

2. banner at top of page in red - says story developing...

[maddezmom]

13. found a link

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5769259.ece

:hi:

[sabra]

14. thanks!

:hi:

[maddezmom]

17. No problem

:hug:

[tk2kewl]

3. banner at top of page has the headline only

[tk2kewl]

5. Very cool!

hopefully he doesnt have a well timed heart attack like Ken Lay

[snooper2]

4. No story yet but still valid for LBN...

See the Bright Red Banner on that "home page" that says- Allen Stanford Found in US by FBI Agents: NBC News

[Renew Deal]

6. Off to jail with him

:hi:

[tridim]

7. Just like Maddoff?

[Renew Deal]

8. Good point

But Madoff never tried to escape. I think Madoff should be resting in jail too.

[MUAD_DIB]

11. I agree with you there, and if his gold plated lawyer protests then

put his in solitary.

[bobthedrummer]

9. While we're waiting for more "news" about this, here's something to read from todays

Guardian Sport section by Andrew Clark.

"US authorities face questions over their investigation of Allen Stanford" by Andrew Clark (2-19-09 Guardian)

"The US authorities are facing questions over why they took so long to act against Allen Stanford's business empire amid accusations that a 'massive fraud' at his Antigua-registered banking group dates back to the mid-1990s."

http://www.guardian.co.uk/sport/2009/feb/19/allen-stanford-cricket-antigua-bank

[sabra]

10. it's just a coincidence that all these "ponzi schemes" are coming out after BushCo leaves town

:sarcasm:

[bobthedrummer]

19. "coincidence theory": the "other" CT...yep. n/t

[maddezmom]

12. link here: FBI tracks down Allen Stanford to Virginia

FBI tracks down Allen Stanford to VirginiaLech Mintowt-Czyz
In-depth investigation | The Internet whistleblower | Mike Atherton | Why investors fell for it | Run on the banks | SEC charge in full | Graphic: Stanford's wagon wheel

Allen Stanford, the Texan tycoon at the centre of an alleged $9.2bn fraud, was tonight found by the FBI in Virginia.

The Texan cricket impresario, believed to have $50bn in assets, boasted of having customers in 140 countries.

The US financial regulator believes that Mr Stanford duped investors, who bought bonds from Stanford International Bank in Antigua and lied about the performance of their savings.

The Securities and Exchange Commission (SEC) also accuses Mr Stanford of lying to investors about their exposure to Mr Madoff. He lost about $400,000 to the New York financier’s Ponzi scheme. He was charged by the SEC on Tuesday with defrauding investors.

The scam is the second major fraud to hit America in three months after Bernard Madoff confessed that his $50 billion investment firm was “just one big lie”. It is a devastating blow to the Obama Administration, which is trying to persuade investors to trust their savings to American institutions.

more:http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5769259.ece

[Robbien]

15. What was Stanford doing in Virginia? Where in Virginia?

The article says nothing but that Stanford was served with papers.

Inquiring minds would like to know.

[sabra]

16. maybe he was visiting the Cheneys?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3746794&mesg_id=3746794

[Robbien]

27. I figure it is something like that

The guy is going over to the east coast to confer with the DC villagers to see how serious this is and if his friends in DC are going to put the kibosh on all this legal nonsense he is in. Since he obtained legal counsel, the news was probably not good.

[Gin]

18. he was served papers....he was not hunted to jail him....it was to serve him

civil papers...I don't get it...what he and Madoff have done is fraud....I would be in jail...he is still free and Madoff is in his penthouse...I am so naive.

[One Voice]

20. Fredericksburg , VA

From the msnbc link...


FBI spokesman Richard Kolko says FBI agents, acting at the request of the SEC, served Stanford papers Thursday in Fredericksburg, Va.

Stanford is not under arrest and is not in custody.

[maddezmom]

21. Stanford Retains Williams & Connolly

Stanford Retains Williams & Connolly
February 19, 2009 4:40 PM | Permalink | Comments (0) | Share This

Texas financier R. Allen Stanford who was charged by the Securities and Exchange Commission this week with fraud to the tune of $8 billion, has retained Williams & Connolly -- the home of famed white collar attorney Brendan Sullivan -- to represent him, according to two sources familiar with the case. Calls to Williams & Connolly were not returned.

more:http://hotlineoncall.nationaljournal.com/archives/2009/02/stanford_retain.php

http://www.wc.com/

[maddezmom]

22. Found! Accused Scammer Stanford Turns in Passport in Washington

Found! Accused Scammer Stanford Turns in Passport in Washington
SEC Moving to Seize Billionaire's Planes, Yachts, Bank Accounts and Homes
By JOSEPH RHEE, JUSTIN ROOD and GINA SUNSERI
February 19, 2009
The billionaire banker accused of scamming $8 billion, R. Allen Stanford, was located by FBI officials today and served with civil papers by the SEC, putting an end to a nationwide search.

Stanford later turned in his passport today to federal prosecutors, saying "he would not flee," according to one of Stanford's lobbyists, Ben Barnes.

Stanford was located in the Fredericksburg, Virginia area, the FBI said in a statement.

Stanford is "very depressed," according to Barnes and sought to end a federal manhunt for him by directly approaching officials at the Justice Department, Barnes said.

http://abcnews.go.com/Blotter/story?id=6914758&page=1

[musette_sf]

23. Stanford is "very depressed"

translation: p!ssed that he got caught

[Nay]

31. Indeed. He ought to try real depression--by being totally wiped out

financially after working for 50 years and saving pennies. THAT'S real depression.

[dipsydoodle]

24. BBC link

FBI agents in the US state of Virginia have served Texan billionaire Sir Allen Stanford with civil legal papers from the US financial watchdog, the SEC.

Sir Allen, who disappeared from public view on Tuesday when he was accused by the SEC of an $8bn (£5.6bn) fraud, is believed to be in the Richmond area.

He is not in custody and has not been charged with any criminal violations.

The SEC filed a civil case in court describing the case as a "fraud of shocking magnitude".


http://news.bbc.co.uk/1/hi/world/americas/7900666.stm

[Fire1]

25. And only handed him a subpoena by the way..................

If it were one of us we would still be in jail awaiting trial with NO BAIL!!!

[katty]

26. heard one account: 'disgraced banker'-how about: lying CROOK

[edc]

28. `Caveat Emptor

:evilgrin: Everyone knows that free markets regulate themselves. If the peanut butter you bought kills your kids, next time you'll buy a different brand, thus punishing the poison peanut butter maker and rewarding the other who doesn't kill the new children you'll have. If the people you entrusted with your life savings steal it, nest time, or maybe in the next life if you're very old, you'll invest with someone you can trust.

[Tandalayo_Scheisskopf]

29. Stanford Found by U.S. Authorities in Virginia (Update1)

Source: Bloomberg News

By Justin Blum and Alison Fitzgerald

Feb. 19 (Bloomberg) -- Billionaire R. Allen Stanford, who disappeared after the U.S. Securities and Exchange Commission accused him of running a “massive, ongoing fraud,” has been located by the FBI in Virginia.

The Federal Bureau of Investigation found Stanford in the Fredericksburg area and served him with court papers related to an SEC civil filing against the Stanford Financial Group, said Richard Kolko, an FBI spokesman, in a statement today. Stanford was found with a girlfriend, according to a U.S. official who spoke on condition of anonymity.

The Securities and Exchange Commission sued Stanford and two aides two days ago, accusing them of misleading investors about $8 billion in certificates of deposit in Antigua-based Stanford International Bank.

No criminal charges have been filed against Stanford or his co-defendants in the SEC case: Stanford’s Chief Financial Officer James M. Davis and Laura Pendergest-Holt, chief investment officer of the Stanford Financial Group. Federal marshals shut down the Houston office of Stanford Group Co. on Feb. 17.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=axP0daJ9GCDc&refer=home

[rocktivity]

30. Huh? I thought Stanford was in California.

:dunce:
rocktivity

[clixtox]

32. "Located by the FBI"! What typical B.S.

He turned himself in after he lawyered up...

[FarCenter]

34. Also probably conferred with his friends in some other three-letter agencies

DEA, CIA, ...

[clixtox]

35. Especially the DEA... N/T!

[EFerrari]

38. I won't bet against that guess. n/t

[salguine]

33. I know how to handle this...

[Celebration]

36. So far

I haven't seen all that much awful that they have done. :shrug:

If all they have on them is that they said they weren't exposed to Madoff, when they actually were, but through a feeder fund, and a very low percentage of their assets, then I am just not too impressed.

But good grief, maybe they are huge money launderers. I don't know. I am just saying that I'm not ready to convict them yet.

[w4rma]

37. Apparently he was laundering money to drug cartels. (nt)

[Robbien]

39. The first clue is that no one can find the money

Then there is:

Stanford has not been honoring his monetary commitments for the last two or three months
The auditor of this fifty billion dollar enterprise is a 79 year old man who ran a small office out of his home, and he died on December 31.
Only two people in this supposedly large firm knows where the money and investments are and what the investment policy is supposed to be, and they aren't talking nor can the auditors find any trail.
SEC auditors found that the statements sent to depositors were forged.
Stanford told SEC auditors lie after lie.
Stanford staff wiped computers and shredded files before the SEC audit.
Since January, Stanford has been telling depositors that they would not be able to withdraw their money for at least two months.
Also, in 2003 Stanford returned over three million dollars of drug laundering money
It goes on and on and on

[Blue_Tires]

40. please hold him without bail

and none of this 'house arrest' bullshit