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Stanford Financial Chairman Allen Stanford Indicted for Fraud

June 19th, 2009

Texas billionaire Allen Stanford has been indicted for his involvement in a massive $8 billion ponzi scheme. Stanford, chairman of Stanford Financial, surrendered to FBI agents in Virginia and appears in court today on charges of fraud.

stanfordStanford was named the 205th richest man in the US in 2008 by Forbes magazine. Stanford Financial has been under investigation this year for advising clients to buy CDs from the Antigua based Stanford International Bank. Stanford had seemingly been able to achieve double digit returns for the past 15 years, but now it seems that Stanford did simply kept the money for himself and the certificates of deposit were just a massive pozi scheme.

Also being charged are Stanford Financial’s chief investment officer Laura Pendergest Holt, and chief financial officer James Davis. Stanford still denies any wrong-doing. It’s amazing just how greedy some people can be, and how many people they are willing to completely screw over.

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