WASHINGTON (AP) - Texas billionaire R. Allen Stanford has been indicted for what prosecutors say is a $7 billion scheme to defraud investors.
Justice Department officials are to announce the charges against Stanford and four others at a news conference in Washington Friday. Stanford ran the Stanford Financial Group, a sprawling banking empire that collapsed earlier this year.
Also indicted were three executives of the company, and a former Antiguan bank regulator. The Securities and Exchange Commission has already filed court papers charging Stanford and his top executives orchestrated an $8 billion fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank.
Stanford, who is in FBI custody after surrendering Thursday, was to appear in federal court in Richmond, Va. later Friday. He has denied the charges.