Will Stanford do the “perp walk”?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

http://www.theglobeandmail.com/report-on-business/allen-stanford-surrenders-to-us-authorities/article1188243/

A Texas billionaire who is already facing a civil lawsuit and allegations of perpetrating an $8-billion (U.S.) fraud turned himself over to the Federal Bureau of Investigation Thursday, a day before American criminal charges against him are expected to be made public.

R. Allen Stanford, chairman of the troubled Stanford Financial Group, surrendered to authorities in Virginia, his lawyer said. It’s the latest blow for the businessman, accused of running a far-reaching Ponzi scheme. Among his clients were 225 Canadians who’d invested $308-million in his Antigua-based Stanford International Bank.

American authorities now plan to unseal an indictment charging Mr. Stanford on Friday, when he is scheduled to appear in a Richmond, Va., federal court, according to officials who spoke on condition of anonymity.

A grand jury in Houston has been investigating Stanford Financial Group since the American Securities and Exchange Commission (SEC) filed civil charges earlier this year accusing Mr. Stanford and his top executives of the $8-billion fraud, in which they’re alleged to have advised clients to buy certificates of deposit from SIB.

Stanford Financial Group had offices around the world, including one in Montreal. An official with Vantis Business Recovery Services, a British company hired as Stanford Financial Group went into receivership, confirmed the number of affected Canadian investors to The Globe and Mail earlier this year.

The billionaire, who joked in April about having to fly commercial since his assets had been frozen, didn’t have to go far to turn himself in. Dick DeGuerin, Mr. Stanford’s attorney in Houston, told The Associated Press that Mr. Stanford “surrendered this afternoon to some FBI agents who were hiding out in black SUVs outside the residence where he was staying in Virginia.”

“He walked out and asked if they had a warrant,” Mr. DeGuerin said. He said Mr. Stanford told them to arrest him if they had a warrant and said if they didn’t he would go back to Houston Friday to turn himself in.

FBI spokesman Richard Kolko declined to comment.

Laura Pendergest-Holt, chief investment officer of Mr. Stanford’s parent company, faces criminal charges of obstructing the SEC’s investigation by lying about her knowledge of the firm’s activities and omitting key details.

Jeff Tillotson, her attorney, told the AP that they “fully expect a superseding indictment in our case.”

He has said she was “set up” by Mr. Stanford.

The SEC said in a lawsuit filed in February that Stanford International Bank advertised its CDs in a brochure touting a conservative investment philosophy. But instead the Stanford bank’s portfolio was “misappropriated by Defendant Allen Stanford and used by him to acquire private equity investments and real estate,” the complaint says.

An amended complaint by the SEC accused Stanford and his finance chief, James M. Davis, of conducting a “massive Ponzi scheme.” In a Ponzi scheme, early investors are paid returns from money put in by later investors.

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pendergest-holt has done the walk already and she wont be the fall “guy”..a few other walkers pictured above including ken from enron and of course bernie who we never got a real good picture of in cuffs..will we get one of stanford?

401

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~ by seeker401 on June 19, 2009.