FBI agents "find" missing billionaire Stanford
FBI agents have served legal papers on Sir Allen Stanford
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Friday, 20, Feb 2009 10:28
FBI agents have served legal papers on Sir Allen Stanford after the "missing" Texan billionaire was found in Virginia.
Sir Allen had not been seen since Tuesday when he was linked by regulators to a $9.2 billion (£6.5 billion) fraud.
The SEC (securities and exchange commission) filed a civil case in court describing it as a fraud of "shocking magnitude".
US authorities report Sir Allen has not been arrested or charged with any criminal offence.
A spokesman for the FBI said the entrepreneur had been "very cooperative" when located driving a car in Fredericksburg on Thursday night.
"He wasn't hard to find," the spokesman said.
"We said, 'Are you this guy?', he said, 'Yes', and we served the papers on him."
Despite not being taken into custody, in what the authorities are describing as civil court proceedings, the Texan has had his assets frozen and been placed under a temporary restraining order.
Reports suggest he has also agreed to hand over his passport.
The SEC's claims have seen savers in the Caribbean flock to withdraw money from banks owned by Sir Allen, while England and Wales Cricket Board (ECB) chair Giles Clarke is under pressure to resign after the billionaire invested millions in English cricket.