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Sir Allen Stanford set for court Sir Allen Stanford set for court
(10 minutes later)
Texan billionaire Sir Allen Stanford is due to appear in a federal court in Virginia, one day after surrendering to US authorities on fraud charges. Texan billionaire Sir Allen Stanford is set to appear in a federal court in Virginia, one day after surrendering to US authorities on fraud charges.
The 58-year-old turned himself in to the FBI in Virginia on Thursday after a warrant was issued for his arrest.The 58-year-old turned himself in to the FBI in Virginia on Thursday after a warrant was issued for his arrest.
He already faces civil charges brought by the US Securities and Exchange Commission (SEC) over an alleged fraud worth $8bn (£6bn) - charges he denies. The US justice department is expected to announce the criminal charges facing Sir Allen later on Friday.
It is not immediately clear what criminal charges Sir Allen faces. He already faces civil charges over an alleged fraud worth $8bn (£6bn) - charges he denies.
Officials at the court in Richmond said the initial hearing would deal with possible detention issues.
Dick DeGuerin, Sir Allen's lawyer, told the Associated Press that his client had surrendered on Thursday "to some FBI agents who were hiding out in black SUVs outside the residence where he was staying in Virginia".Dick DeGuerin, Sir Allen's lawyer, told the Associated Press that his client had surrendered on Thursday "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."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 StanfordIf 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 Mr 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.He said Mr 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 Securities and Exchange Commission (SEC), the US financial watchdog, described the alleged fraud at Stanford Financial group as a "fraud of shocking magnitude".
The cricket impresario - who in 2008 staged a $20m, winner-takes-all match between a West Indian XI and England at his stadium in Antigua - 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 cricket impresario - who in 2008 staged a $20m, winner-takes-all match between a West Indian XI and England at his stadium in Antigua - 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. In an interview with ABC earlier this year Sir Allen 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."If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?" he said at the time.