Financier Stanford owes at least $226 million, IRS says

American financier Robert Allen Stanford and his wife, Susan, owe back taxes, penalties and interest of at least $226.5 million, the IRS said in court documents filed in Dallas, Texas. The final total could be even higher because the Stanfords have not filed their income tax return for 2007.

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Venezuela seizes Stanford-owned bank

Venezuela’s government seized a local bank owned by Allen Stanford Thursday as politicans and banking regulators in the region attempted to quell panic after the flamboyant Texan financier was charged over an alleged multibillion dollar fraud scheme. Customers in Latin America and the Caribbean have been queuing up or logging onto online banking services to withdraw money from institutions owned by the Stanford Group

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British couple, four children in cocaine bust, reports say

A British couple has been detained at Margarita Airport in Venezuela after 24 kilograms of cocaine was allegedly found in their luggage, according to press reports. “This bank does not have any problem, is a healthy financial institution,” Edgar Hernandez Behrens, Venezuela’s superintendent of banks, said of Stanford Bank Venezuela, the state-run ABN news agency reported. An estimated $2.5 billion to $3 billion has been invested in the bank, he said

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Stanford saga prompts run on banks

Politicians and banking regulators across Latin American and the Caribbean called for calm Wednesday after panicked investors pulled their money from banks owned by the Stanford Group, whose owner is accused in a multibillion dollar investment and sales fraud scheme.

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