Allen stanford, the Texan billionaire, has surrendered to US authorities and will appear in a federal court in Virginia on Friday. He surrendered after a warrant was issued for his arrest following allegations of massive fraud involving his Antigua bank.
Stanford is expected to be transferred to Houston after his initial court appearance to face criminal charges, a federal official said. He already faces civil charges brought by the US Securities and Exchange Commission (SEC).
Dick DeGuerin, Stanford's lawyer, told The Associated Press that Stanford "surrendered this [Thursday] afternoon to some FBI agents who were hiding out in black SUVs outside the residence where he was staying in Virginia". "He walked out and asked if they had a warrant," DeGuerin said.
Stanford had been accused of "a fraud of shocking magnitude" by the SEC, the US's financial watchdog, in February.
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