"The SEC's fraud charges may be the least of accused financial scammer R. Allen Stanford's worries. Federal authorities tell ABC News that FBI and others have been investigating whether Stanford was involved in laundering drug money for Mexico's notorious Gulf Cartel.
Federal regulators on Tuesday, Feb. 17, 2009 charged Stanford and three of his companies with a "massive fraud" that centered around high-interest-rate CDs.
Authorities tell ABC News that as part of the investigation, which has been ongoing since last year, Mexican authorities detained one of Stanford's private planes. According to officials, checks found inside the plane were believed to be connected to the Gulf cartel, reputed to be Mexico's most violent gang. Authorities say Stanford could potentially face criminal charges of money laundering and bribery of foreign officials.
Authorities say the SEC action against Stanford Tuesday may have complicated the federal drug investigation.
The federal investigation, however, did not stop Stanford from using corporate money to become a big man at last year's Democratic convention in Denver.
A video posted on the firm's web-site shows Stanford, now sought by U.S. Marshals, being hugged by Speaker of the House Nancy Pelosi and praised by former President Bill Clinton for helping to finance a convention-related forum and party put on by the National Democratic Institute."
http://abcnews.go.com/Blotter/story?id=6907429&page=1
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