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The HERE BEGINS THE FULL TEXT discovery of the Texas billionaire in Fredericksburg DANCE - DANCE THEATRES, about 50 miles south-west of Washington, spared the American financial regulators further embarrassment after they issued charges against Stanford on Tuesday without being certain of his whereabouts.
It allowed the Securities and Exchange Commission to serve papers on the businessman, thus rendering its proceedings against him active in what it claims to be a financial fraud of "shocking magnitude".
The FBI said last night that he had been found as he was driving a car in Fredericksburg, noting he was not a fugitive and had been very co-operative. "He wasn't hard to find," the FBI said. "We said, 'Are you this guy?', he said, 'Yes', and we served the papers on him."
The SEC alleges that he misled investors in a fraud whose total value reaches $8bn (£5.6bn). He is accused of encouraging investors using false information about the performance of his banks, including claims that he put the money into tradable shares when in fact it went towards real estate and private equity.
And on Tuesday, when General Motors asked the federal government for more bailout money, it also announced a reorganization plan that included demoting Pontiac to a “focused niche brand,” signaling that its lineup of vehicles would shrink and that it would no longer be a separate division.
To industry analysts and Pontiac’s longtime fans, the downgrade provides a case study of the product missteps that helped put G.M. in its precarious state, and a reminder of the dangers in straying from a successful formula.
“When you deviate too far from it, that’s when you run into trouble as a brand and a company,” said Jack R. Nerad, executive editorial director at Kelley Blue Book, whose 1968 Firebird made him feel “as cool as I could be.”