Billionaire Stanford appears before Va. judge
RICHMOND, Va. — Texas billionaire R. Allen Stanford is in federal court in Virginia facing a judge just hours after authorities announced a 21-count indictment against him.
Stanford told U.S. Magistrate M. Hannah Lauck on Friday that he understood the charges against him. Prosecutors say his international banking empire was really just a Ponzi scheme built on lies and bribery to swindle investors out of $7 billion.
Stanford turned himself in to authorities Thursday night. His troubled Stanford Financial Group has been under investigation by a grand jury in Houston.
The Securities and Exchange Commission filed civil charges earlier this year against Stanford and his top executives.
Stanford has maintained his innocence.
Filed under Legal Proceedings, News | Tags: Corporate Crime, Fraud And False Statements, Lies, North America, Ponzi scheme, R. allen stanford, Richmond, Stanford financial, United States, Us-stanford-surrenders-hearing, Va., Virginia | Comment Below