FBI Agents Serve Billionaire Allen Stanford with Legal Papers from SEC

The search for Texas billionaire Allen Stanford is apparently over after FBI agents tracked down the troubled financier in Fredericksburg, Virginia and served him with civil legal papers from the Securities and Exchange Commission.

Stanford is accused of operating an $8 billion fraud scheme by the SEC but he has not been arrested or charged with any crime. It is believed the main purpose behind serving the papers was to secure Stanford’s passport to ensure he didn’t try to flee the country.

As chairman of Stanford Financial Group the SEC has alleged Stanford lured investors into large deposits and investments with promises of unlikely returns.

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