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Peruvian regulator suspends Stanford operations

world Updated: Feb 19, 2009 21:34 IST

Peru's securities regulator said on Thursday it suspended the operations of the local office of Stanford Financial Group for 30 days after U.S. authorities charged it with perpetrating a "massive" fraud.

Regulator Conasev said it was working to make sure clients received their cash, a day after nervous investors lined up at the company's office in Lima.

It also said Stanford's Peru office was only allowed to operate as a broker-dealer, and it was not clear whether Peruvian clients were sold the high-yielding certificates of deposit at the core of the $8 billion scandal.

Stanford, operating as a broker-dealer in Lima, has net assets in Peru of 6.8 million soles ($2.1 million), according to regulator Conasev.