A pair of executives employed by alleged fraudster Sir Allen Stanford held advisory posts at the United States' largest non-governmental securities regulator, according to reports.
Reuters states that Stanford Financial Group director of global compliance Lina Stinson and the chief operating officer of Stanford Group Holdings, Frederick Fram, both sat on committees of the US Financial Industry Regulatory Authority (Finra).
Ms Stinson was a member of the organisation's membership committee, while Mr Fram sat on the Finra continuing education content committee, the news agency said.
Sir Allen, three of his companies and two employees were charged last week with orchestrating a "massive" $8 billion investment fraud by the Securities and Exchange Commission.
The Texas-born billionaire is accused of using forged historical data and fake promises to sell supposedly high-yield certificates of deposit through the Antigua-based Stanford International Bank (SIB).
SIB chief financial officer James Davis and Stanford Financial Group chief investment officer Laura Pendergest-Holt were also named in the indictment.
Finra oversees around 5,000 US brokerages in all, covering some 663,000 registered advisers.
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