Ponzi Schemer Allen Stanford Finally Indicted, Arrested

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Back in April, New Times wrote the first in-depth story about the numerous warning signs over the years that once-billionaire Allen Stanford was running a gigantic $8 billion Ponzi scheme out of Miami, Houston and Antigua.

Today, Stanford is finally in custody and charged with 21 counts of conspiracy, mail fraud, wire fraud, money laundering and obstruction of justice. A Houston grand jury handed down the indictment, which also names three other Houston-based former Stanford employees.

Stanford surrendered last night to "some FBI agents who were hiding out in black SUVs" outside his home, his lawyer told the New York Times. He's due in court in Virginia sometime today.

So far, Stanford has been, how shall we say, vigorous in proclaiming his innocence -- going to far as threatening to punch a reporter in the mouth who asked him about money laundering allegations. Should be an interesting trial.

Update: The AP reports that a Florida-based Stanford security guard has also been indicted. Bruce Perraud, 42, is accused of shredding documents in February at a Stanford warehouse, even though he knew that federal prosecutors in Houston wanted the papers.

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