Stanford handed fraud probe papers

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The agency, on behalf of regulators, delivered legal papers on the billionaire after tracing him to Fredericksburg, Virginia.

Stanford faces charges relating to frauds totalling 9.2 billion dollars (£6.5billion).

The complaint was made by the Securities and Exchange Commission (SEC) in a court in Dallas on Tuesday.

But they were unable to serve papers to Stanford in person after it emerged that they were unaware of his whereabouts.

The papers served on him on Thursday relate to civil court proceedings and as such he has not been placed under arrest.

But the tycoon has had his assets frozen and been placed under a temporary restraining order as part of the SEC complaint.

Regulators accuse the tycoon of fraud "of a shocking magnitude" relating to an 8 billion-dollar (£5.6 billion) certificate of deposit (CD) scheme and a separate 1.2 billion-dollar (£840 billion) investment vehicle.

It follows a probe into Stanford and his firms, Stanford International Bank (SIB), Stanford Group Company and Stanford Capitol Management.

A report on ABC News has also claimed that Stanford was investigated on suspicion of involvement with money laundering for a Mexican drugs cartel. The FBI said on Thursday that it would not comment on the report.