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| Sir Allen Stanford arrested in US | |
| (10 minutes later) | |
| Texan billionaire Sir Allen Stanford has surrendered to the US authorities after a warrant was issued for his arrest on criminal charges. | |
| The 58-year-old already faces civil charges brought by the US Securities and Exchange Commission (SEC) over an alleged fraud worth $8bn (£6bn). | |
| Sir Allen turned himself in to the FBI in Virginia, Reuters news agency quoted one of his lawyers as saying. | Sir Allen turned himself in to the FBI in Virginia, Reuters news agency quoted one of his lawyers as saying. |
| It was not immediately clear what criminal charges Sir Allen faces. | It was not immediately clear what criminal charges Sir Allen faces. |
| In February, the SEC, the US financial watchdog, described the alleged fraud at Stanford Financial group as a "fraud of shocking magnitude". | |
| The cricket impresario is accused by the SEC of luring investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments. | |
| The billionaire financer has refused to talk to US regulators investigating his alleged fraud, and court documents show that Sir Allen pleaded the Fifth Amendment - the right to withhold potentially self-incriminating evidence. | |
| In an interview with ABC earlier this year he insisted no money was lost by customers dealing with his financial services companies. |