SEC Accuses Billionaire Stanford Of Massive Fraud

Law360, New York (February 17, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission on Monday sued banker Robert Allen Stanford and three companies he controls, accusing him of orchestrating a fraudulent multibillion-dollar investment scheme centering on an $8 billion certificate of deposit program.

The lawsuit, filed in the U.S. District Court for the Northern District of Texas, said Antigua-based Stanford International Bank Ltd. and two affiliated companies sold billions of dollars worth of self-styled certificates of deposit, promising return rates exceeding those offered by most banks.

The high rates were supposedly made possible...
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