Stanford's assets frozen in Britain

June 30, 2009 at 12:22 PM
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LONDON, June 30 (UPI) -- The Serious Fraud Office in Britain said it had frozen the assets of accused Texas billionaire Allen Stanford at the request of U.S. authorities.

Stanford, charged with a $7 billion investment scam in the United States, pleaded not guilty at a court appearance in Houston last week. Authorities say Stanford cheated investors by promising extravagant returns on certificates of deposit sold through his bank in Antigua.

The SFO said the frozen assets amounted to more than $100 million "believed to be held at certain London financial institutions," The Times of London reported Tuesday.

In a statement, SFO Director Richard Alderman, said he was "determined that supporting our U.S. counterparts in this way becomes a routine example of cross-border co-operation."

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