NPR logo
Billionaire Stanford To Appear In Texas Court
  • Download
  • <iframe src="https://www.npr.org/player/embed/105890571/105890556" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Billionaire Stanford To Appear In Texas Court

Business

Billionaire Stanford To Appear In Texas Court

Billionaire Stanford To Appear In Texas Court
  • Download
  • <iframe src="https://www.npr.org/player/embed/105890571/105890556" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Indicted Texas financier Allen Stanford is scheduled to be arraigned Thursday in Houston on charges he cheated investors out of $7 billion. Stanford previously has said he is not guilty of running a Ponzi scheme.

RENEE MONTAGNE, host:

NPR's business news starts with another billionaire in court.

(Soundbite of music)

MONTAGNE: Allen Stanford once presided over a small banking empire in the Caribbean. Today he's in leg chains and handcuffs in a federal court in Houston today. The Texas financier faces charges of fraud and conspiracy. Authorities say his banking operation was really a Ponzi scheme that swindled investors out of billions of dollars. Stanford is expected to deny the charges.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.