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SFO restrains $100m in Stanford case

The Serious Fraud Office has obtained a restraining order on $100m (£60.2m) of assets believed to be held in London financial institutions in relation to the criminal investigation of Allen Stanford.

The decision is on the back of a formal request from the US Department of Justice.

The funds have been acquired in connection with a suspected $7bn investment fraud scheme operated by Stanford, who was recently taken into FBI custody.

The SFO assets recovery lawyer applied to the Central Criminal Court on April 7, 2009, where HHJ Kramer QC granted an order which preserves the assets pending the outcome of the criminal proceedings brought by the Department of Justice in the US.

SFO director Richard Alderman says: “I am delighted that the SFO has been able to secure a freezing order of this magnitude and within five hours of it being requested. I am determined that supporting our US counterparts in this way becomes a routine example of cross-border cooperation”



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