Stanford Financial Group, which oversees more than $50 billion of assets, is being investigated by US regulators over its business, a person familiar with the matter said, quoted by Reuters.
Stanford Financial Group, which oversees more than $50 billion of assets, is being investigated by US regulators over its business, a person familiar with the matter said, quoted by Reuters.
The US Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) are looking into the company, the person said.
BusinessWeek said in its online edition that the SEC, FINRA and the Florida Office of Financial Regulation were investigating Stanford’s ability to pay high yields on CDs, even as it invests CD money largely in stocks, real estate, hedge funds and precious metals, many of which have lost value in recent months.
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