Stanford indicted on fraud charges

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Stanford indicted on fraud charges

June 22nd, 2009 joshua

Fraudulent billionaire Robert Allen Stanford has been indicted on federal criminal charges of conspiracy to commit mail, wire and securities fraud.

The head of his own Stanford Group Co. turned himself into authorities late last week, according to a CNN report. In total, Stanford faces 21 separate charges in the indictment.

Stanford believes he is innocent despite a mountain of evidence aired when his company was determined to be built on risky loans and money is off-shore accounts. Estimates have the money Stanford gained illegally at more than $7 billion.

He and three other executives at Stanford Group face federal charges alleging they misappropriated investor money.

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