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Jun 20 2009

BILLIONAIRE CHARGED WITH BILLIONS IN FRAUD

Published by newsman at 2:21 pm under US News Edit This

By Jay Todd (Independent)

 

For allegedly committing billions in fraud and bribery, billionaire Allen Stanford was jailed in Houston on Friday, according to the Justice Department.

 

Stanford is accused of falsely leading investors to believe that his firm grew over $7 billion in assets.  While almost 30 thousand people invested in his firm, Stanford allegedly invested their money in his own personal loans.

 

A formed Antiguan bank regulator was also charged with allegedly accepting bribes from Stanford in order to let the fraud continue.

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