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Peruvian regulator suspends Stanford operations

Peru's securities regulator said that 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.

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.