Accused financier, billionaire left Texas hometown long ago, but Mexia saw lofty goals | News for Dallas, Texas | Dallas Morning News | Texas Regional News

Accused financier, billionaire left Texas hometown long ago, but Mexia saw lofty goals

11:18 PM CST on Wednesday, February 18, 2009

By SHERYL JEAN / The Dallas Morning News

sjean@dallasnews.com

MEXIA, Texas – Stanford Financial Group’s office in this sleepy town is a small white building that looks more like a house than a business.

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Yet federal regulators say it’s part of an $8 billion fraud involving the sale of high-yield certificates of deposits and a bank in Antigua.

The Securities and Exchange Commission this week accused Mexia native and global financier Allen Stanford and three of his companies of securities fraud, saying he duped investors by promising “improbable” high returns. The SEC said Wednesday that it did not know where Stanford was.

Stanford’s 81-year-old father, who lives in Mexia (pronounced Muh-HEY-uh), is listed as a company director, but he’s not named in the SEC charges.

via Accused financier, billionaire left Texas hometown long ago, but Mexia saw lofty goals | News for Dallas, Texas | Dallas Morning News | Texas Regional News.

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