Thursday, February 19, 2009
Canadian Regulators Check Out Stanford Financial's Montreal Office
Canadian authorities are looking into the Montreal connection to Stanford Financial Group, the banking institution in the middle of an $8-billion fraud investigation by U.S. authorities.
This week, the U.S. Securities and Exchange Commission (SEC) filed civil fraud charges against Texas financier R. Allen Stanford and two senior executives.
Stanford was found in Virginia on Thursday and served with legal papers in a multi-billion-dollar fraud case.
FBI spokesman Richard Kolko said FBI agents, acting at the request of the SEC, served Stanford the papers in Fredericksburg, Va., while he was sitting in a car.
Stanford is not under arrest and is not in custody. Officials said it is not believed he was purposely hiding from authorities.
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