Texan billionaire Sir Allen Stanford has been charged in the US with fraud and obstruction.
Announcing the indictment, the justice department said it related to a $7bn ($4.2bn) scheme to defraud investors.
Soon after, the 59-year-old appeared in court in Virginia and was remanded in custody pending a full detention hearing to be held in Texas.
He already faces civil charges over an alleged fraud worth $8bn - charges he denies.
Sir Allen turned himself in to the FBI on Thursday after a warrant was issued for his arrest.
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