In early 2009, Stanford became the subject of several
fraud investigations, and on February 17, 2009, was charged by the
U.S. Securities and Exchange Commission with fraud and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $8 billion in
certificates of deposits.<sup class="reference" id="cite_ref-massive_3-1">
[4]</sup><sup class="reference" id="cite_ref-sec.gov_4-1">
[5]</sup> The
FBI raided three of Stanford's offices in
Houston,
Memphis, and
Tupelo, Mississippi.<sup class="reference" id="cite_ref-6">
[7]</sup> On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a "massive
Ponzi scheme".<sup class="reference" id="cite_ref-Driver_7-0">
[8]</sup> He was
arrested by the
FBI on June 18, 2009.<sup class="reference" id="cite_ref-WP061909_8-0">
[9]</sup><sup class="reference" id="cite_ref-9">
[10]</sup>