Stanford faces criminal charges

We haven't seen a lot criminal charges in the still-unfolding financial crisis, but that might be changing. A criminal indictment unsealed in Houston, Texas, charges Allen Stanford committed a host of jail-worthy sins: He paid "more than $100,000 to Leroy King, former chief executive of Antigua's Financial Services Regulatory Commission, to carry out sham audits of Antigua-based Stanford International Bank and shield it from regulatory scrutiny," reports the Financial Times.

King allegedly helped Stanford evade SEC scrutiny. Prosecutors also say Stanford's private jets were "used to courier financial records to be burned in Antigua." All this as part of scheme that bilked investors to the tune of $1.6 billion. He faces up to 250 years, and he turned himself into the FBI last week. Stanford has indicated a willingness to fight. We'll see if it gets to trial, but I doubt it. 

For more:
- here's the article

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