Stanford and bank charged

(AP): Federal regulators have charged Texas financier Allen Stanford and three of his firms with a "massive" fraud that centered around high-interest-rate certificates of deposit, and raided some of the companies’ offices. The bank’s chief financial officer, James Davis, and Stanford Financial Group’s chief investment officer, Laura Pendergest-Holt, were also charged in the complaint. The complaint was filed in federal court in Dallas in which the Securities and Exchange Commission alleges Stanford orchestrated a fraudulent investment scheme centered on an $8 billion CD program that promised "improbable and unsubstantiated high interest rates." Go to article.