Another Stanford Group Follow Up…

R. Allen Stanford was taken into custody on his Ponzi scheme allegations related to his international banking empire.  Because the judge agreed that Stanford poses a flight risk the judge ordered him to remain in custody.

The government’s indictment charged Stanford and other executives at his firm with scamming 30,000 investors invested $1.2 billion in assets and in about 7 years grew it to about $8.5 billion.

Investigators say that even as Stanford claimed healthy returns for those investors, he was secretly diverting more than $1.6 billion in personal loans to himself.