US billionaire Allen Stanford arrested

WASHINGTON - Texas billionaire Sir Allen Stanford turned himself in to US authorities after charges were brought against him over alleged fraud.

Stanford, 58, gave himself up to the Federal Bureau of Investigation (FBI) in Virginia late Thursday, CBS news reported. He is expected to appear in a federal court Friday.

It remained unclear what criminal charges Stanford faces. The US Securities and Exchange Commission brought civil charges against the billionaire’s Stanford Financial group over an alleged Ponzi-scheme fraud worth more than $8 billion.

The financer is accused of having lured investors for years with improbably high returns on certificates. Instead, the money was allegedly invested in risky real estate schemes and financial products.

Stanford, who was mainly based in the Caribbean tax haven of Antigua, earlier rejected all accusations and denied any wrongdoing.

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