Disgraced Financier Arrested In Virginia

Last updated 10:52 p.m. EDT

Law enforcement sources confirm that billionaire financier R. Allen Stanford is in custody, reports CBS News correspondent Bob Orr. He was arrested tonight by FBI agents at his sister's house in Stafford, Virginia.

Stanford has been accused by the SEC of running a massive Ponzi scheme.

He surrendered to FBI agents from the Washington and Richmond field offices. It is believed he will be taken to Richmond tonight for processing, Orr reports. The Department of Justice is expected to make an announcement Friday regarding possible charges.

Stanford's Attorney Dick DeGuerin said Stanford walked out and asked if the agents had a warrant. He told them to arrest him if they did and that he planned to return to Houston on Friday to turn himself in if they didn't.

A grand jury in Houston has been investigating Stanford Financial Group. The Securities and Exchange Commission filed civil charges earlier this year accusing Stanford and his top executives of conducting an $8 billion fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank. Investigators have said the Texas billionaire financier's offshore bank and financial companies used rosy financial predictions and old-fashioned deceit to lure investors into a scam.

In March, a federal judge ruled that the government could go after at least $226.6 million in back taxes, penalties and interest it says are owed by Stanford.

[babooph]

We had to wait until all the big politicos in his pocket could be protected,prior to his short stay in a country club prison & a deal for him to keep a wad of the rip off.

[jjjc3]

This is the second time that he has turned himself in. Where was he in the meantime? Partying as I understand it. No secret that he gave tons on money to both Obama and McCain. If it was Joe Six Pack, he would have been locked away long ago without bail. It's a double standard of justice that is deeply troublesome to us average John Does.

[South-of-Heaven]

R. Allen Stanford, A political Opportunist
who rubbed elbows with Politicians of both parties.

[mrs_trepidatious]

First Madoff now this! You liberals are having a field day with your class warfare arent you?

[leogorky]

There you go again spewing the enormous bitterness you carry around. Why don't you ever have a constructive or intelligent comment to make instead of your constant paranoid innuendos.

[fedup12]

Yes Gop_Fornever we are!

[docpeter1953]

From above article, "Stanford's Attorney Dick DeGuerin said Stanford walked out and asked if the agents had a warrant. He told them to arrest him if they did and that he planned to return to Houston on Friday to turn himself in if they didn't."
_____________________________

That was awful white of him to offer to be arrested if they had a search warrant.

[sean58z]

Stanford might run away rather than serve the prison sentence. The Judge should not allow bail. Stanford attempted to conceal his property in this country and abroad. He must be ordered to surrender all assets.

[Dgunner]

There is a special place in h-ll for people like this man. They have thier own section the lawyers won't even let them hang in thier section.I would hate to be one of this mans children so all the others through the years can point at them and say everything that child was paid for with stolen money.I know you can't blame the child but society as a whole will.

[billpl-2009]

one of the few nice things about a recession

the big fat piggies got nowhere to hide

[riob678]

'Financier', once a haughty but respectable word, now means 'a sleazy thief in an Armani suit.'

[maxcoffee-2009]

Kanaduh-eh...
Do you care about Ken Lay of Enron giving 50,000 grand for bushes second inaugural ball. Or the $122,500 he contributed to Bush's gubernatorial campaigns in Texas.
Probably not... Eh?