Monday, March 2, 2009

Amended SEC Complaint Accuses Stanford and CFO of Running Ponzi Scheme

The Securities and Exchange Commission has filed an amended complaint against R. Allen Stanford that alleges the Texas billionaire ran a huge Ponzi scheme and took at least $1.6 billion of investor money in personal loans. The original complaint made allegations of misrepresentation regarding the CDs, and did not make allegations of a Ponzi scheme.

Amended SEC Complaint Accuses Stanford and CFO of Running Ponzi Scheme

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