In a complaint filed in February in federal court in Dallas , Texas , the Securities and Exchange Commission accused Stanford International Bank of using a network of financial advisers to sell about $ 8 billion of `` certificates of deposit '' to investors . Texas billionaire Allen Stanford is taken into custody on a drug - related charge . Stanford 's lawyer says his client surrendered to agents . Forbes magazine names Stanford the 205th richest American in America .
Texas billionaire Allen Stanford is taken into custody on a drug - related charge . Stanford 's lawyer says his client surrendered to agents . Forbes magazine names Stanford the 205th richest American in America .