published Thursday, June 18th, 2009

Attorney says Stanford surrenders to FBI in Virginia

DALLAS — The attorney for R. Allen Stanford, chairman of troubled Stanford Financial Group, says the Texas billionaire has surrendered to FBI agents in Virginia.

Houston attorney Dick DeGuerin told The Associated Press that Stanford surrendered Thursday afternoon to FBI agents parked outside a residence where Stanford was staying. DeGuerin said Stanford walked out and asked if the agents had a warrant. He told them to arrest him if they did and that he planned to return to Houston on Friday to turn himself in if they didn’t.

A grand jury in Houston has been investigating Stanford Financial Group. 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.

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