Sir Allen arrested

June 19, 2009

Finally. R. Allen Stanford, the alleged mastermind of the second largest Ponzi scheme on record, was arrested by the FBI on Thursday evening and will be officially criminally charged on Friday.

The criminal charges against Stanford, the Texas financier with the offshore bank in Antigua, comes nearly four months after the Securities and Exchange Commission filed civil fraud charges against him, and moved to shut-down his sprawling Houston-based financial empire.

Stanford was arrested in Virginia at a┬árelative of his girlfriend at around 9 p.m. True to form, Stanford’s legal team tried to spin the media by saying Stanford had turned himself him. But I’m told by sources that’s simply not true.

On Friday will learn a lot more when the federal indictment against Stanford is officially unsealed. Stay tuned, I’ll be updating throughout the day.

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