Stanford Found, Folks Taking Out Money

Friday, February 20, 2009 - 7:32pm

Authorities tracked down Texas billionaire R. Allen Stanford in Virginia Thursday. They served him with a civil complaint accusing him of committing an $8 billion fraud. Out Tyler Gamble is tracking the latest developments in this story.

Federal regulators today are searching the globe for the billions of dollars investors had entrusted to Stanford. One place where the fallout is hitting home is the Caribbean Island of Antigua.

Until now, many considered Stanford a local hero there, he runs a number of banks and financed many of the public works on the island. But as of late, people have been lining up to take out whatever money they have in their Stanford accounts.

Stanford’s father and a director for the Stanford Financial Group said he doesn’t believe the charges being made against his son. “I don’t believe them at all. I think that, I can’t believe that they would be involved in an illegal scam to milk investors.”

Calls to the local Stanford office downtown went straight to an answering machine today. Earlier this week, employees and customers were being escorted in an out of the office by security.