The
Securities and Exchange Commission has filed investment fraud charges against
Texas billionaire Allen Stanford, claiming the businessman orchestrated “a
fraudulent, multi-billion dollar investment scheme.”
Stanford
headed up the Stanford Financial Group of Companies which the SEC claims were involved
in an $8 billion investment fraud scam that was “based on false promises and
fabricated historical return data.”
Assets
of Stanford as well as those of Stanford International Bank, Stanford Group and
Stanford Capital Management have since been frozen by a judge.
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