Stanford, Others Indicted on Fraud Charges
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Texas billionaire R. Allen Stanford was indicted Friday, June 19, on charges he orchestrated a $7 billion fraud over allegedly bogus certificates of deposit, a day after federal agents arrested him in Virginia. The Securities & Exchange Commission also filed additional civil charges against Stanford on Friday.
Stanford appeared Friday afternoon in federal court in Richmond, Va., where a judge ordered him returned to Texas. He will remain in custody until a detention hearing can be held in Houston. If convicted of all charges in the 21-count indictment, Stanford could face as much as 250 years in prison, officials said.