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 relative 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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After four months of wondering whether or not he was actually going to be charged with a crime, it’s finally happened. But it seems that we’ll still have to wait to find out exactly what the charge is… perhaps tax evasion? Jaywalking? C’mon guys, a sealed indictment? I’m fairly sure Stanford knew the government was looking into his companies over the last several months, and the man tried to surrender himself to the authorities back in April or May… why couldn’t we just find out what he’s charged with tonight?

And these sources, were they in the building with Stanford? I don’t think I’d be happily running out the door to face prison… I don’t blame him if he took his time. I just want to know if they threw him down and hog tied him… that’d be like, the best episode of COPS.

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