Stanford Financial Group, Allen Stanford | featured news

James Davis, the former financial officer for Texas billionaire Sir Allen Stanford, pleads guilty to fraud and conspiracy charges.

Texas billionaire R. Allen Stanford, chairman of the troubled Stanford Financial Group, surrendered to FBI agents in Virginia Thursday afternoon, his attorney said.

A federal judge on Thursday granted a request from the Securities and Exchange Commission for a preliminary injunction to freeze the assets of Texan financier Allen Stanford and three of his companies that are accused of running a massive Ponzi scheme by U.S. regulators.

The FBI made the first arrest in the $8 billion Stanford Financial Group fraud investigation on Thursday, detaining chief investment officer Laura Pendergest-Holt on federal obstruction charges.

The England and Wales Cricket Board terminates all of its contracts with Texan billionaire Sir Allen Stanford.

U.S. law enforcement officials found Texas billionaire Allen Stanford in the Fredericksburg, Virginia, area on Thursday, and served him with a complaint accusing him of an $8 billion fraud.