This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/8108520.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Sir Allen Stanford arrested in US | Sir Allen Stanford arrested in US |
| (about 2 hours later) | |
| Texan billionaire Sir Allen Stanford has surrendered to the US authorities after a warrant was issued for his arrest on criminal charges. | 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). | 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 and is expected to appear in a Richmond federal court on Friday. | |
| It was not immediately clear what criminal charges Sir Allen faces. | It was not immediately clear what criminal charges Sir Allen faces. |
| Dick DeGuerin, Sir Allen's lawyer, told The Associated Press he had surrendered "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. | |
| If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place? Sir Allen Stanford Profile: Sir Allen Stanford | |
| He said Stanford told the agents to arrest him if they had a warrant, but if they did not have a warrant, he would go back to Houston to turn himself in. | |
| In February, the SEC, the US financial watchdog, described the alleged fraud at Stanford Financial group as a "fraud of shocking magnitude". | 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 - what is known as a Ponzi scheme. | |
| 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. | 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. | In an interview with ABC earlier this year he insisted no money was lost by customers dealing with his financial services companies. |
| "If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?" he said at the time. |