Allen Stanford Got Served

by Tina Kells | February 19, 2009 at 02:06 pm

108 views | 0 Recommendations | 0 comments

Allen Stanford , the US billionaire who stands accused of a "massive fraud" by the SEC, has been found in Virginia and served court documents relating to the case.

Standford and two Standford Group executives stand accused of over orchestrating $8 billion in misleading banking transactions in the second major fraud scandal to be exposed by the financial crisis.

Bernard Madoff, one-time head of the NASDAQ and Wall Street icon has also been charged in a major $50 billion investrment fraud case that has impacted financial markets across the globe.

FBI agents served the complaint from the U.S. Securities and Exchange Commission on Texas billionaire Allen Stanford in Virginia, an FBI spokesman said on Thursday.
FBI spokesman Richard Kolko said the FBI acted at the request of the SEC and that Stanford had not been arrested. The complaint, accusing Stanford of an $8 billion fraud, was served on him by agents from the FBI's office in Richmond, Virginia. Kolko said.