58-year-old Allen Stanford, under investigation in an alleged $8 billion fraud is due to appear in Richmond federal court on Friday in Virginia.

Dick DeGuerin, Sir Allen's lawyer, said that Allen Stanford surrendered to the US authorities after a warrant was issued for his arrest on criminal charges.

The matter of investigation is under a jury in Houston. The SEC (Securities and Exchange Commission) had filed civil charges against Stanford Financial Group in which it accused Stanford and his executives of conducting an $8 billion fraud by means of instructing clients to buy certificates of deposit from the Stanford International Bank.

The lawsuit says that the bank's portfolio was "misappropriated by Defendant Allen Stanford and used by him to acquire private equity investments and real estate."

Chief investment officer of Stanford's parent company, Laura Pendergest-Holt, is also facing criminal charges of obstructing the SEC's investigation.

But her attorney Jeff Tillotson said that they would deny that she had committed any crime.

Any FBI spokesperson could not be contacted for comments.