Stanford Exec Faces First Criminal Charge

(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»

Tycoon expects indictment in 2 weeks

(NEWSER) - Sir Robert Allen Stanford expects an indictment from the feds in a couple of weeks, but maintained his innocence in an interview with ABC News. The disgraced financier cried and told his interlocutor, “I will punch you in the mouth” if he mentioned reports that Stanford laundered drug money. “It makes me madder than hell” he said of comparisons to Bernard Madoff. More»

(AP) - A federal judge ruled today that thousands of investor accounts with R. Allen Stanford's financial companies will remain frozen for another 10 days, while a court-appointed receiver said he's developing a plan to return some of the money to its owners. Stanford's companies have been in receivership since the Securities and Exchange Commission filed a civil action alleging an $8 billion investment fraud. More»

Chief investment officer freed on 300K bond after night in jail

(NEWSER) - Federal officials have labeled shamed financier R. Allen Stanford’s operation a Ponzi scheme for the first time, the Houston Chronicle reports. The accusation—meaning the company used cash from new investors to pay older ones—came in an amended civil fraud complaint from the SEC yesterday alleging Stanford and a fellow exec misappropriated huge sums and engineered a bogus $1.6 billion loan to the firm. More»

(NEWSER) - Laura Pendergest-Holt, the chief investment officer for disgraced financier Robert Allen Stanford’s firm, is being held on $300,000 bail, the Houston Chronicle reports. Her family is attempting to come up with the $30,000 cash necessary to free her. Holt spent last night in prison after being accused of lying to the Securities and Exchange Commission. Her lawyer was irate about the arrest. She “even flew here to cooperate,” he said. More»