Texas billionaire R. Allen Stanford has been found in Virginia and served with civil legal papers from the Securities and Exchange Commission. FBI spokesman Richard Kolko says FBI agents, acting at the request of the SEC, served Stanford papers today in Fredericksburg, Va. Stanford is not under arrest and is not in custody. The SEC charged Stanford and three of his companies on Tuesday with committing in an $8 billion fraud that lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments. He has not been charged with any crime.
FBI finds Stanford in Virginia, serves him with papers
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