The FBI tracked down this man who may be another glaring example of the failures of the Security and Exchange Commission that has cost people a lot of money. Maybe if the SEC folks had invested with people like Standford of Bernie Madoff they might have paid closer attention.
By DEVLIN BARRETT
Associated Press
WASHINGTON – Texas financier R. Allen Stanford was tracked down Thursday in Virginia, where FBI agents served him with legal papers in a multibillion-dollar fraud case.
FBI agents, acting at the request of the Securities and Exchange Commission, served Stanford court orders and other documents, the FBI and the SEC said.
Stanford is not under arrest and is not in custody.
In a civil complaint Tuesday, the SEC accused Stanford, two other executives and three of his companies with committing an $8 billion fraud that lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments. It’s not clear how much of the $8 billion was lost and how much investors might recover.
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