Stanford unit withdraws from Colombia stock market

The local arm of the Stanford
Financial Group has halted its activities on Colombia’s stock
exchange with the permission of authorities, the Colombian
Financial Superintendency said in a statement on Wednesday.

U.S. authorities have charged the group and its founder
with perpetrating a “massive” fraud.

Alvaro Camaro, the bank’s local director, told Reuters the
company had sufficient solvency to provide guarantees to its
local investors.

“With what has happened to the group at a global level, we
had to take a decision to protect investors and naturally to
guarantee stability in the market,” Camaro said.

In a complaint filed in federal court in Dallas, the U.S.
Securities and Exchange Commission accused billionaire Allen
Stanford of fraudulently selling $8 billion in high-yield
certificates of deposit in a scheme that stretched from Texas
to the Caribbean. (Reuters)

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