Stanford located in Virginia: FBI

Texas financier Allen Stanford, accused of a multibillion dollar fraud that prompted governments to shut down his banks and seize their assets, was located yesterday in Virginia, the Federal Bureau of Investigation said.

Texas financier Allen Stanford, accused of a multibillion dollar fraud that prompted governments to shut down his banks and seize their assets, was located yesterday in Virginia, the Federal Bureau of Investigation said.

But the man accused two days ago by securities regulators of perpetrating "a fraud of shocking magnitude that has spread its tentacles throughout the world," and whose whereabouts until now were unknown, was not arrested.

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