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Stanford surrenders in massive fraud case

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    • Reuters Tags : corporate, world, allen stanford, Antigua bank fraud Posted: Friday , Jun 19, 2009 at 1110 hrs

    GENEROUS SPORTS PATRON

    The first American to be knighted by Antigua and Barbuda in 2006, Stanford made his first fortune in real estate in the early 1980s and expanded the family firm into a global wealth management company.

    Before the SEC leveled the fraud charges, his personal fortune was estimated at $2.2 billion by Forbes magazine. Stanford was a generous sports patron and owned homes in Antigua, St. Croix, Florida and Texas.

    To date, the only Stanford official to have faced federal charges is Laura Pendergest-Holt, the chief investment officer for the Stanford Financial Group. She was arrested by the FBI in February and later freed on bail.

    Pendergest-Holt and James Davis, Stanford's one-time roommate at Baylor University who served as the company's chief financial officer, were both named in the SEC's civil complaint.

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    Davis has not been charged with criminal activity and is cooperating with federal authorities, although his attorney has said he expects his client to be indicted.

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