Banker faces fresh fraud inquiry
Source: Agencies |
December 29, 2009, Tuesday
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Print Edition
Print Edition
UNITED States authorities are investigating millions of dollars contributed by fraud suspect Allen Stanford and his staff to US law makers in the past decade, the Miami Herald reported on Sunday.
The newspaper said the Justice Department investigation aimed to determine whether the banker received special favors from politicians while he was operating his alleged US$7 billion Ponzi scheme centered on fraudulent certificates of deposit issued by his offshore bank in Antigua and Barbuda.
The US Department of Justice said it had no comment on the Herald report. The newspaper said Stanford, who has pleaded not guilty and is awaiting a trial set for January 2011, also spent US$5 million on lobbying since 2001, and had killed a bill that would have exposed his secretive offshore bank.
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