Billionaire banker wanted in $8 bn scam found

The billionaire banker accused of scamming $8 billion, R Allen Stanford, was located by FBI officials yesterday, putting an end to a nationwide search.

Stanford later turned in his passport to federal prosecutors, saying "he would not flee", according to one of Stanford's lobbyists, Ben Barnes.

Stanford was located in the US state of Virginia. The papers he was served with were the SEC's complaint, the memorandum of law filed with the complaint, the court order freezing his assets and the court order appointing a receiver.

Stanford is "very depressed", according to Barnes and sought to end a federal manhunt for him by directly approaching officials at the Justice Department, Barnes said.