Texan billionaire Sir Allen Stanford has surrendered to the US authorities after a warrant was issued for his arrest on criminal charges - BBC reports. Stanford, 58, was charged by the U.S. Securities and Exchange Commission (SEC) on Februar 2009 with fraudulently selling $8 billion in certificates of deposit with improbably high interest rates from his Stanford International Bank Ltd (SIB), headquartered in Antigua.
SEC spokesman Kevin Callahan said that Stanford and his two co-defendants, James Davis, SIB's chief financial officer, and Laura Pendergest-Holt, chief investment officer of a Stanford affiliate, had surrendered their passports in keeping with a judge's order.
Now the billionaire financer has refused to talk to US regulators investigating his alleged fraud, and court documents show that Sir Allen pleaded the Fifth Amendment - the right to withhold potentially self-incriminating evidence.
In an interview with ABC earlier this year he insisted no money was lost by customers dealing with his financial services companies.
"If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?" he said at the time.
SEC spokesman Kevin Callahan said that Stanford and his two co-defendants, James Davis, SIB's chief financial officer, and Laura Pendergest-Holt, chief investment officer of a Stanford affiliate, had surrendered their passports in keeping with a judge's order.
Now the billionaire financer has refused to talk to US regulators investigating his alleged fraud, and court documents show that Sir Allen pleaded the Fifth Amendment - the right to withhold potentially self-incriminating evidence.
In an interview with ABC earlier this year he insisted no money was lost by customers dealing with his financial services companies.
"If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?" he said at the time.
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