An International report reveals that David Nanes Schnitzer was captured by authorities on a resort island in Belize, with assistance from Interpol and the U.S. Marshals Service. Nanes is wanted by authorities in Mexico for allegedly helping defraud thousands of investors while serving as president of Stanford Group Mexico. Investors in Latin America, including in Mexico, Panama and Venezuela, suffered hundreds of millions of dollars in losses when Stanford's financial empire collapsed. Nanes oversaw Stanford's operations in Mexico, Panama and other parts of the region. Stanford based himself in the Caribbean island of Antigua, and the flamboyant businessman used his firm to bankroll a lavish lifestyle and major international cricket tournaments. Stanford has appealed his conviction.
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