Stanford taken in on Ponzi allegations

Financial Crisis Posted on

Texas billionaire R. Allen Stanford is scheduled to appear before a federal judge in Virginia at 1:30 p.m. Eastern time Friday for an initial hearing after surrendering to FBI agents on fraud charges the day before.

Court authorities said they did not know if Stanford was being held by marshals inside the courthouse or elsewhere ahead of the hearing. The court clerk's office said the initial hearing will also deal with detention issues.

Stanford's troubled Stanford Financial Group has been under investigation by a grand jury in Houston.

The Securities and Exchange Commission filed civil charges earlier this year accusing Stanford and his top executives of conducting an $8 billion fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank. Stanford has maintained his innocence.

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