Billionaire Allen Stanford Rushed from Jail to Hospital

 

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The indictment alleges that Stanford and his associates falsely claimed that the bank's assets had grown from $1.2 billion in 2001 to $8.5 billion by December 2008. The bank also allegedly made thousands of dollars in bribes to the former head of Antigua's Financial Services Authority to ensure the bank was not audited.

The Securities and Exchange Commission previously filed a civil complaint against alleging Stanford ran a fraud promising investors impossible returns, much like Bernard Madoff's $65 billion alleged Ponzi scheme.

Stanford Denies Charges to ABC News

In April, Stanford told ABC News Chief Investigative Correspondent Brian Ross in an exclusive interview that he expected to be indicted soon, but denied that he had run any sort of Ponzi scheme.

"I would die and go to hell if it's a Ponzi scheme," Stanford said in reaction to the civil allegations from the SEC that he bilked thousands of customers in a scheme involving "self-styled certificates of deposits" with "improbable" rates of return.

"Baloney. Baloney," Stanford told ABC News. "It's not a Ponzi scheme . If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?"

Jason Ryan contributed to this report.

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