Good news for Stanford D&O insurers as Fed files charges
Allen Stanford, CEO of fraud-hit banking and investments group
Stanford Financial, has surrendered to the FBI and faces criminal
charges in a sealed indictment, according to reports.
Stanford was due to appear before a federal magistrate judge in
Virginia today (19 June) for an initial hearing.
It will be good news for Stanford Financial's professional
indemnity insurers, since claims arising from dishonest or criminal
acts are a standard exclusion.
As revealed by The Insurance Insider,
Stanford Financial's directors' and officers&...
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