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| Stanford charged with fraud in US | Stanford charged with fraud in US |
| (10 minutes later) | |
| Texan billionaire Sir Allen Stanford has been charged in the US with fraud and obstruction. | Texan billionaire Sir Allen Stanford has been charged in the US with fraud and obstruction. |
| Announcing the indictment, the justice department said it related to a $7bn scheme to defraud investors. | Announcing the indictment, the justice department said it related to a $7bn scheme to defraud investors. |
| The 59-year-old turned himself in to the FBI in Virginia on Thursday after a warrant was issued for his arrest. He is to appear in court shortly. | The 59-year-old turned himself in to the FBI in Virginia on Thursday after a warrant was issued for his arrest. He is to appear in court shortly. |
| 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. |
| 'Too good to be true' | 'Too good to be true' |
| Sir Allen and six others are facing charges. | Sir Allen and six others are facing charges. |
| If it was a Ponzi scheme, why are they finding billions of dollars all over the place? Sir Allen Stanford | If it was a Ponzi scheme, why are they finding billions of dollars all over the place? Sir Allen Stanford |
| The justice department said the 50-page indictment accused Sir Allen and some of the other alleged co-conspirators of engaging in a scheme to defraud investors who purchased $7bn in certificates of deposit from Stanford International Bank, located in Antigua. | The justice department said the 50-page indictment accused Sir Allen and some of the other alleged co-conspirators of engaging in a scheme to defraud investors who purchased $7bn in certificates of deposit from Stanford International Bank, located in Antigua. |
| It said they "promised returns that were too good to be true". | It said they "promised returns that were too good to be true". |
| Sir Allen hosted a $20m cricket extravaganza in Antigua last year | Sir Allen hosted a $20m cricket extravaganza in Antigua last year |
| US Assistant Attorney General Lanny Breuer said: "The indictment charges Stanford with conspiracy to commit wire fraud, mail fraud and securities fraud: seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation for the Securities and Exchange Commission, obstruction of an investigation by the SEC and conspiracy to commit money laundering." | US Assistant Attorney General Lanny Breuer said: "The indictment charges Stanford with conspiracy to commit wire fraud, mail fraud and securities fraud: seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation for the Securities and Exchange Commission, obstruction of an investigation by the SEC and conspiracy to commit money laundering." |
| The other Stanford Financial Group executives charged are Laura Pendergest-Holt, 35, Gilberto Lopez, 66, and Mark Kuhrt, 37. | The other Stanford Financial Group executives charged are Laura Pendergest-Holt, 35, Gilberto Lopez, 66, and Mark Kuhrt, 37. |
| The indictment also said Sir Allen made corrupt payments to Leroy King, 63, a former head of Antigua's financial services regulatory commission, who has also been charged. | The indictment also said Sir Allen made corrupt payments to Leroy King, 63, a former head of Antigua's financial services regulatory commission, who has also been charged. |
| Stanford employee Bruce Perraud, 42, has been charged with destruction of records. | Stanford employee Bruce Perraud, 42, has been charged with destruction of records. |
| A separate indictment charged Stanford executive James M Davis, 60, with fraud and obstruction. | A separate indictment charged Stanford executive James M Davis, 60, with fraud and obstruction. |
| 'Ponzi' denial | 'Ponzi' denial |
| Sir Allen is due to appear in a federal court in Richmond, Virginia, in the next few hours. He has already arrived at the courthouse. | |
| WHAT IS A PONZI SCHEME? A fraudulent investment scheme paying investors from money paid in by other investors rather than real profitsNamed after Charles Ponzi who notoriously used the technique in the United States in the 1920s Differs from pyramid selling in that individuals all tend to invest with the same person Profile: Sir Allen Stanford | WHAT IS A PONZI SCHEME? A fraudulent investment scheme paying investors from money paid in by other investors rather than real profitsNamed after Charles Ponzi who notoriously used the technique in the United States in the 1920s Differs from pyramid selling in that individuals all tend to invest with the same person Profile: Sir Allen Stanford |
| 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. |
| 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 2006 Sir Allen became the first American to be knighted by Antigua and Barbuda. | In 2006 Sir Allen became the first American to be knighted by Antigua and Barbuda. |
| The cricket impresario in 2008 staged a $20m, winner-takes-all match between a West Indian XI and England at his stadium in Antigua. | The cricket impresario in 2008 staged a $20m, winner-takes-all match between a West Indian XI and England at his stadium in Antigua. |
| The SEC has said he lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments - what is known as a Ponzi scheme. | The SEC has said he lured 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. | A number of governments have frozen the assets associated with Stanford banks. |