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Stanford tracked down by FBI in Virginia

Texas billionaire Allen Stanford, accused of an $8 billion fraud that spooked investors around the world, was served with the formal complaint on Thursday by FBI agents in Virginia.

FBI spokesman Richard Kolko said the Federal Bureau of Investigation had acted at the request of the U.S. Securities and Exchange Commission (SEC), and that Stanford had not been arrested. No criminal charges have been filed against him.

A law enforcement official said Stanford was making arrangements to surrender his passport. Stanford holds dual U.S.-Antiguan citizenship, and has homes in the United States and the Caribbean.

The whereabouts of Stanford, 58, had been the subject of intense speculation since he failed to respond to a subpoena from the SEC to answer questions about his company's operations.

The SEC filed civil charges in Dallas, Texas, on Tuesday against Stanford, two colleagues and Stanford International Bank Ltd, Stanford Group Co and Stanford Capital Management LLC, accusing them of a "massive, ongoing fraud".

A court appointed receiver has moved to add Stanford Financial Group and Stanford Financial Group Bldg Inc as relief defendants, along with the other three companies and three people already named in the case.

Officials did not say how the FBI learned that Stanford was in Virginia, but they said he had not been hiding and he was not a fugitive.

Stanford was found in the area of Fredericksburg, Virginia, about 50 miles (80 km) south of Washington, D.C.

"We're so pleased and thankful to the lord that he's alive," Stanford's stepmother Billie Stanford told Reuters. She and his father, James, live in Mexia, Texas.

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