Top Story: SEC does their job for once
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission charged Robert Stanford, 3 of his companies for alleged fraud.
* Says alleged fraud involved multi-billion dollar investment scheme centering on an $8 billion CD program.
* Says companies accused of fraud include Antigua-based Stanford International Bank; Houston-based Stanford Group Co; investment adviser Stanford Capital Management.
* Says also charged are Stanford International Bank CFO James Davis, Stanford Financial Group chief investment officer Laura Pendergest-Holt.
* Says U.S. district judge in Dallas grants SEC request to freeze defendants’ assets, appoints receiver.
* Says accuses Stanford of misrepresenting to CD purchasers that their deposits were safe and falsely claiming client funds were reinvested primarily in liquid financial instruments.
* Says its investigation of alleged Stanford fraud is continuing.
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