Tuesday, February 17, 2009

SEC Accuses Texas Financial Firm of $8 Billion Fraud

Credit the shutdown of these characters completely to the internet.

The SEC has been investigating Stanford for more than three years. It's only because the blogsphere turned up the heat on these guys, as I reported here, that the SEC acted.

The SEC now accuses:

Robert Allen Stanford, the chief of the Stanford Financial Group, of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua.

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