Business in brief


Billionaire indicted on fraud charges

WASHINGTON — Brash Texas billionaire R. Allen Stanford was indicted Friday on charges that his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.

The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. Among those charged were executives of Stanford Financial Group and a former Antiguan bank regulator who prosecutors say should have caught the fraud but instead took bribes to let the scheme continue.

If convicted of all charges in the 21-count indictment, Stanford could face as much as 250 years in prison, officials said.

Visteon says progress being made in bankruptcy

WILMINGTON, Del. — Auto-parts supplier Visteon Corp. says it is making good progress in obtaining the financing needed to see it through Chapter 11 bankruptcy.

An attorney for Visteon said Friday that the Van Buren Township, Mich., company has made “very substantial” progress with its North American customers regarding help with debtor-in-possession financing.

Visteon is the top supplier to and a former subsidiary of Ford Motor Co.

Associated Press