Stanford Bank in Antigua Missing $8B

'It appears to be a Ponzi scheme,' investigator says
By Nick McMaster,  Newser Staff
Posted Feb 22, 2009 5:03 PM CST
In this Feb. 19, 2009 file photo, customers of Stanford Bank walk outside one of its offices in Caracas, Venezuela.   (AP Photo/Carlos Hernandez, File)
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(Newser) – Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a Ponzi scheme.”

"We will be tracking the money in overseas banks, find a million in one, track another million to another bank,” the investigator said. “But there is nothing like $8 billion here."