Ecuador to seize Stanford units amid scandal

QUITO: Ecuador will seize two local units of Stanford Financial Group after U.S. charges of massive fraud by its parent company rippled through crisis-weary Latin America.

Santiago Noboa, the state regulator of the stock exchange in Quito, said authorities have decided to take control of Stanford's local brokerage house and fiduciary firm.

"We will intervene to protect the interests of investors," Noboa told Reuters, adding that the takeover could take place later on Thursday . Earlier on Thursday, Venezuela seized a local Stanford bank to stem massive online deposit withdrawals.

U.S. securities regulators have charged Texas billionaire Allen Stanford in an $8 billion fraud.