LONDON (ShareCast) - Sir Allen Stanford has handed himself to the US authorities and is expected to appear in a federal court in Virginia on Friday.
The Texas billionaire faces charges brought by the US Securities and Exchange Commission (SEC)
over an alleged fraud worth $8bn.
Stanford will be moved to Houston after his initial court appearance to face criminal charges in a sealed indictment.
The 59-year-old financier handed himself to the FBI outside his home.
Dick DeGuerin, Stanford's lawyer, told The Associated Press that he surrendered "to some FBI agents who were hiding out in black SUVs outside the residence where he was staying in Virginia".
"He walked out and asked if they had a warrant," Mr DeGuerin added.
In February, the SEC described the alleged fraud at Stanford Financial as a "fraud of shocking magnitude".
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