Stanford Tries to Surrender to Federal Authorities

R. Allen Stanford, accused by federal regulators in a civil complaint of running an $8 billion investment fraud, tried to turn himself in to federal marshals in Houston, but they didn't take him into custody because there is no warrant out for him.

The Houston Chronicle reported in its online edition Thursday that Stanford and his lawyer marched the few blocks from DeGuerin's office to the federal courthouse to "surrender." DeGuerin said they were taking those measures to show that Stanford wasn't running and to show Stanford is available to authorities.

The Securities and Exchange Commission has accused him of running a pyramid scheme. Stanford has denied the allegations and said if there was fraud, he wasn't involved in it.

Justice Department attorney Paul Pelletier declined comment.