Stanford Financial Group Accused of $8 Billion Fraud
The Securities and Exchange Commission shuttered the offices it raided, leaving many investors frightened and panicked. A judge froze Stanford’s assets. A receiver was appointed to take charge of his companies.
The SEC charged Stanford, his three companies and two associates with fraud. FBI agents found Stanford in Fredericksburg, Va., yesterday and served him with court papers. The SEC’s initial step is a civil complaint, so Stanford was not arrested.
The Associated Press reported that public records show four federal tax liens from 2007 and 2008 against Stanford for more than $212 million.
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