FBI Arrests High-Ranking Stanford Exec

Alleged fraudster files a motion to move to cushier Houston jail

(NEWSER) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the Joe Corely Detention facility lacks air conditioning and suffers frequent power outages. More»

(NEWSER) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s lawyer said. He argues that any missing money is the result of the negative impact of the investigation. More»

Alleged fraudster turns himself in after grand jury hands down criminal charges

(NEWSER) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges over what the SEC described as a "fraud of shocking magnitude." More»

Fraudster was likely shielded from SEC in 2006 for his trouble

(NEWSER) - Allen Stanford may have received earlier protection from the SEC by working as a drug trade informant, a BBC investigation has found. The accused fraudster’s bank paid $3.1 million to the DEA a decade ago as a middleman for a Mexican drug lord, and in 2006 an SEC investigation into potential Ponzi operations was dropped, allegedly at the request of another government agency. More»

$8B scammer's island junkets helped push anti-tax agenda

(NEWSER) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the Caribbean, where Stanford lives. Many of the legislators do have longstanding interests in the region and have reimbursed him. More»