UPDATE: Billionaire Stanford to appear in Virginia court

By Jola Szubielski - bio | email
Posted by Phil Riggan - email

RICHMOND, VA (WWBT)   -   R. Allen Stanford arrived early this morning -- not long after the Federal Courthouse in downtown Richmond opened for business.

Stanford and the ongoings of his company, Stanford Financial Group have been under investigation for months by a grand jury in Houston, Texas.

And it was just yesterday that he was indicted. And a warrant was issued for his arrest.

Stanford surrendered to FBI agents stationed outside a home where he'd been staying in Fredericksburg.

The Securities and Exchange Commission has also civil charges earlier this year, accusing Stanford and his top executives of swindling thousands of his clients of some $8 billion by promising improbably high returns on certificates of deposit and other investments.

As we speak the justice department is holding a news conference on the investigation in Washington, representatives from the SEC are also expected to attend. More criminal and civil charges may follow.

Its not known exactly what charges Stanford will face today. Or if he'll remain in federal custody or be allowed out on bail.

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