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Probe into Stanford contributions

Published:Wednesday | December 30, 2009 | 1:25 PM

US authorities say they are investigating millions of dollars contributed by fraud suspect Allen Stanford and his staff to US lawmakers in the past decade.

According to a report in the Miami Herald, the Justice Department investigation is focusing on whether the banker received special favours from politicians while he was operating his alleged $7 billion Ponzi scheme.

US authorities say the scheme was based on fraudulent certificates of deposit issued by the Texan financier’s offshore bank in Antigua and Barbuda.