R. Allen Stanford, under investigation in an alleged $8 billion fraud involving sales of certificates of deposit through his Antiguan bank, surrendered to federal agents yesterday, his attorney said.
The case is one of the largest alleged financial frauds in U.S. history and comes just months after New York financier Bernard L. Madoff pleaded guilty to charges in a Ponzi scheme of up to $50 billion.
Stanford, 59, was taken into custody yesterday by FBI agents who were waiting outside his girlfriend's house in Fredericksburg, Va., said Dick DeGuerin, an attorney for the Texas financier.
"Federal agents in black SUVs surrounded his girlfriend's house this afternoon, and just sat there," DeGuerin said. "I told him to walk out and introduce himself. So he did, and he asked them, 'If you've got a warrant, take me into custody. If you don't, I'm going to Houston.' And they did, so they arrested him."
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