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FBI agents from the bureau’s Richmond, VA offices have taken into custody accused fraudster Robert Allen Stanford, chairman of the Stanford Financial Group, in the Fredericksburg, VA area.
FBI agents served Stanford with court orders related to the Securities and Exchange Commission’s civil case against him and his three companies ”without incident,” a bureau official says.
Stanford has been charged with the second biggest securities fraud to emerge in just three months, a civil fraud case that market regulators call “massive” with “tentacles” stretching around the globe, a case that comes three months after the Ponzi-scheme charges brought against Bernard Madoff. Stanford has yet to be charged with criminal violations.
A jetsetting Texas billionaire, Stanford is an international cricket sponsor, Washington political donor and private banker to Latin America’s wealthy.
Stanford also was a regular in the rarefied atmosphere of the rich and famous, those who hobnobbed in the world of polo, golf, tennis and sailing, and he also cozied up to politicians in Washington and Antigua.