Stanford Faces Criminal Charges In $7B Fraud Case

Law360, New York (June 19, 2009, 12:00 AM EDT) -- Billionaire financier Robert Allen Stanford and a handful of colleagues have been indicted on fraud and obstruction charges related to an alleged $7 billion scheme to swindle investors.

Stanford, chairman of the Houston-based Stanford Financial Group, was arrested Thursday in Virginia, the same day an indictment was returned against him in the U.S. District Court for the Southern District of Texas. The indictment was unsealed Friday.

Others charged in the case are Laura Pendergest-Holt, the company’s chief investment officer; Gilberto Lopez, chief accounting officer; Mark Kuhrt,...
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