Texas billionaire R. Allen Stanford, whose sprawling banking empire collapsed this year, was indicted Friday for what prosecutors call a $7 billion scheme to defraud investors. Justice Department officials announced the charges against Stanford, who ran Stanford Financial Group, and six others at a news conference. Also indicted were executives of the company and a former Antiguan bank regulator. If convicted of all charges in the 21-count indictment, Stanford could face up to 250 years in prison.
Texas Billionaire Stanford Indicted in Alleged $7B Fraud Scheme
The Associated Press
June 19, 2009