Stanford indicted for alleged Ponzi scheme

(NECN: Washington) - The Justice Department today announced the indictment of billionaire Allen Stanford, accusing him of defrauding investors in a $7 billion scheme. If convicted, he faces 250 years in jail. At a news conference in Washington, officials confirmed they will not be able to recover most of the money. Also indicted, his the former chief executive officer of a regulatory commission on the island of Antigua. Stanford will be arraigned in a Virginia court this afternoon. *In this video, you will hear from: Lanny Breuer Assistant Attorney General Robert Khuzami read more

NECN | June 19, 2009

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