June 19, 2009 / 3:52 PM / 9 years ago

Stanford, 4 others indicted on fraud charges

WASHINGTON, June 19 (Reuters) - A federal grand jury has indicted Texas billionaire Allen Stanford and four others on fraud and obstruction charges in connection with a $7 billion scheme to defraud investors, the U.S. Justice Department said on Friday.

The indictment listed 21 counts against Stanford and the others, who had been accused of carrying out the fraud for more than a decade.

It named Stanford corporate officials James Davis, Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt as well as Leroy King, the chief executive officer of the financial services regulatory commission in Antigua, where Stanford’s business activities were headquartered.

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