Stanford Group Co., whose founder is under investigation for fraud, opened a Richmond office last fall in the West Tower of Riverfront Plaza.
The Securities and Exchange Commission shut down and froze the assets of three of Texas financier R. Allen Stanford's companies this week, including Houston-based Stanford Group.
It was unknown this morning what impact that has had on Richmond area investors.
Martin J. "Mike" Bannon III, the managing director of the Richmond investment advisory office, was unavailable for comment this morning. None of five other financial advisors, formerly from UBS Wealth Management in Richmond, was available either.
"We are very busy, as you can imagine," said Lynley Cavanaugh, an administrative assistant.
According to an October report, the Richmond group managed between $700 and $800 million in combined assets at the time.
Stanford was tracked down Thursday in Fredericksburg by the FBI, at the request of the SEC.
He was served papers alleging that he and three of his companies committed an $8 billion fraud that enticed investors with promises of unsubstantiated high returns on certificates of deposit and other investments.
If you are an investor with Stanford and willing to share your experience, contact Carol Hazard at (804) 775-8023 or chazard@timesdispatch.com
Email
Facebook
Google
Twitter
Favorites
More
Advertisement