US narrows case vs accused Ponzi schemer Stanford
May 5, 2011
Total Loss:
$7 Billion
Federal prosecutors have narrowed their criminal case against Allen Stanford, the Texas financier accused of running a $7 billion Ponzi scheme.
The government on Wednesday filed an amended, 14-count indictment with the U.S. District Court in Houston that drops five mail-fraud counts and two wire-fraud counts.
Prosecutors have accused Stanford, 61, of running a fraud centered on the sale of bogus certificates of deposit issued by Stanford International Bank in Antigua.
Source:
Reuters
Posted in:
ACH and Wire Fraud
Collusive Networks