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FBI track down billionaire Allen Stanford

By Naved Akhtar     Feb 19, 2009 in Crime
The FBI has tracked down Sir Allen Stanford in the Virginia town of Fredericksburg. Sir Allen disappeared from public view on Tuesday after the US financial watchdog, the Securities and Exchange Commission (SEC) accused him of an $8 billion fraud.
Sir Allen has not been arrested nor has he been charged with any criminal violations but has had the assets of his banking empire have been frozen. The SEC has accused Sir Allen of luring investors with promises of fictitious returns and lying about how he invented their money. The FBI are currently building a separate parallel criminal case against Sir Allen.
Sir Allen is a leading figure in the cricket world and last year he sponsored a $1 million-a-man cricket match in the West Indies. The BBC have reported that Sir Allen’s father, James Stanford told press that he hoped the allegations against his son were not true. He said:
“I would be totally surprised if there would be truth to it. And disappointed, heartbroken."
Governments across Latin America have seized control of banks owned by Sir Allen as savers rushed to withdraw their savings. The attorney-general in Mexico has also begun an investigation into alleged links between Sir Allen and the drug smuggling Gulf Cartel.
More about FBI, Allen stanford, Latin america, Sec, Cricket
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