Alleged Ponzi schemer Stanford indicted, turns himself in


R. Allen Stanford, the billionaire investor whose firm has been under investigation for allegedly defrauding clients, was indicted by a Houston grand jury and taken into custody Thursday night, according to news reports.

Stanford surrendered to law enforcement agents at his girlfriend's Virginia home, the Houston Chronicle reported. Details of the charges against him were scarce, but he's been at the center of a Securities and Exchange Commission probe for allegedly stealing billions of dollars from investors in a "massive Ponzi scheme."