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Texas Billionaire Surrenders To FBI Agents

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Texas Billionaire Surrenders To FBI Agents

Business

Texas Billionaire Surrenders To FBI Agents

Texas Billionaire Surrenders To FBI Agents

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Authorities say R. Allen Stanford is accused in an $8 billion fraud that's described as a "massive Ponzi scheme." Stanford surrendered to FBI agents in Virginia Thursday.

STEVE INSKEEP, host:

And today's last word in business is I surrender. Allen Stanford turned himself into the FBI yesterday. Mr. Stanford is the Texas billionaire the government accused of running a multi-billion dollar Ponzi scheme out of the Caribbean Islands - or one of the billionaires accused of running a Ponzi scheme. He's also accused of using client funds to pay for his jets and his fancy homes. Stanford spent last night in more modest quarters - a Virginia jail - and he appears in federal court today.

That's the business news on MORNING EDITION from NPR News.

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