Fraud, Texan Billionaire | featured news

Sam and Charles Wyly, billionaire Texas brothers who gained prominence spending millions of dollars on conservative political causes, committed fraud by using secret overseas accounts to generate more than $550 million in profit through illegal stock trades, the Securities and Exchange Commission charged Thursday.

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

A federal judge on Tuesday ordered Texas financier Allen Stanford, accused of a $7 billion fraud, held without bail until trial.

Billionaire R. Allen Stanford arrived at a federal courthouse  as he faces charges of fraud and conspiracy related to allegations that he swindled investors out of $7 billion.

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