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| Stanford to hear US fraud charges | |
| (10 minutes later) | |
| Texan billionaire Sir Allen Stanford is set to appear in a federal court in Virginia, one day after surrendering to US authorities. | |
| 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. |
| The US justice department is expected to announce the criminal fraud charges facing Sir Allen later on Friday. | |
| He already faces civil charges over an alleged fraud worth $8bn (£6bn) - charges he denies. | He already faces civil charges over an alleged fraud worth $8bn (£6bn) - charges he denies. |
| 'Shocking fraud' | |
| 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 Stanford | 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 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 Securities and Exchange Commission (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. |
| 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 Sir Allen 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. |
| A number of governments have frozen the assets associated with Stanford banks. |