Stanford Found in Virginia by FBI, Served Papers - Financials * US * News * Story - CNBC.comFBI agents served the complaint from the U.S. Securities and Exchange Commission on Texas billionaire Allen Stanford in Fredricksburg, Virginia, an FBI spokesman said on Thursday.
FBI spokesman Richard Kolko said the FBI acted at the request of the SEC and that Stanford had not been arrested. He has not been charged with any crime.
The complaint, accusing Stanford of an $8 billion fraud, was served on him by agents from the FBI's office in Richmond, Virginia. Kolko said.
Yet another blow against the US regulatory system. Some are saying the fraud could be in the $50 billion range. The worst part, the SEC has known about this for some time...
I have a belief that there will be more and more multi billion dollar fraud cases reported in the coming months.