Friday, February 20, 2009

UPDATE: Stanford Found by FBI | Quick Loan to Jail?

Quick loans won’t get him out once he’s incarcerated

Here, let me take that money of yours...

BBC News reports that FBI agents in Virginia have located and served Sir Allen Stanford with civil papers, a quick loan courtesy of the SEC. They would like to see him pay it back with other people’s money… and jail time.

Stanford has been accused of $8 billion fraud against investors. The claim is that they were lured by the promises of “improbably and unsubstantiated high returns on certificates of deposit and other investments.” The SEC calls the case “fraud of shocking magnitude” that loans itself quickly and easily to the recent memory of Bernie Madoff’s $50 billion Ponzi scheme.

Richard Kolko of the FBI revealed that agents had served the legal papers to Stanford in Fredericksburg, Virginia, at the request of the Securities and Exchange Commission. This step was necessary in order to ensure that Stanford would turn in his passport and be made aware of the what he faced, said the BBC’s Richard Lister from Washington. Criminal charges have yet to be filed, so Stanford is not currently being held in custody.

Bank terror bonanza

As a result of Stanford’s fraudulent operations, branches of banks controlled by the Stanford Group have been shut down or placed under national control in Peru and Venezuela. The former nation suspended operations for 30 days, while Venezuela has announced it will take control. Panama, Ecuador and Antigua have also took action against Stanford’s interests there. ... click here to read the rest of the article titled "UPDATE: Stanford Found by FBI | Quick Loan to Jail?"

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