this is fucking huge.....the tupelo office has already been taken over by US Marshalls....same goes for memphis
From AP:
WASHINGTON - Federal regulators are charging R. Allen Stanford and three of his companies with a "massive" fraud that centered around high-interest-rate CDs.
The Securities and Exchange Commission's complaint, filed in federal court in Dallas, alleges that Stanford International Bank sold about $8 billion of so-called certificates of deposit to investors by promising "improbable and unsubstantiated high interest rates."
The rates allegedly allowed the bank to achieve double-digit returns on its investments for the past 15 years. U.S. District Judge Reed O'Connor entered a temporary restraining order and froze Stanford's assets.
The SEC's outgoing enforcement chief Linda Chatman Thomsen says Stanford and his family and friends "perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors."
FBI agents began removing boxes of documents from Stanford Financial Group Inc.'s Memphis office at the Crescent Center this morning, according to The Commercial Appeal newspaper in Memphis.
here is the full SEC report
http://sec.gov/news/press/2009/2009-26.htm
