On Friday, the FBI announced indictment charges Robert Allen Stanford, the sole shareholder of the Houston-based Stanford Financial Group and other affiliated companies, with defrauding investors who purchased approximately $7 billion in certificates of deposit administered by Stanford International Bank, an offshore bank located on the island of Antigua.
Charges against Stanford, along with four other individuals, include conspiracy to commit mail fraud, mail fraud and securities fraud, wire fraud, obstructing an investigation by the Securities and Exchange Commission (SEC), and conspiracy to commit money laundering.
