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Stanford Surrenders to FBI

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

By Rob Quinn,  Newser Staff

Posted Jun 19, 2009 12:26 AM CDT

(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."

The SEC accuses Stanford and other execs of running an $8 billion Ponzi scheme involving certificates of deposit with unfeasibly high rates of interest issued through his Antigua-based bank. The Texan—who pleaded the Fifth in the civil case—maintains his innocence and accuses the SEC of needlessly destroying his business.

Art once property of the Stanford Financial Group is on display at AMC Liquidators in Fort Lauderdale, Fla., earlier this month.
Art once property of the Stanford Financial Group is on display at AMC Liquidators in Fort Lauderdale, Fla., earlier this month.   (AP Photo/Alan Diaz)
R. Allen Stanford is seen in his lawyer's office in Houston, Texas earlier this year.
R. Allen Stanford is seen in his lawyer's office in Houston, Texas earlier this year.   (AP Photo/Houston Chronicle, Mayra Beltran)
Accused fraudster R. Allen Stanford is seen in the office of attorney Dick DeGuerin in Houston, earlier this year.
Accused fraudster R. Allen Stanford is seen in the office of attorney Dick DeGuerin in Houston, earlier this year.   (AP Photo/Houston Chronicle, Mayra Beltran, file)
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