A day after surrendering to FBI agents in Virginia, Texas billionaire and Stanford Financial Group Chairman R. Allen Stanford was set to appear in federal court Friday on fraud charges, Associated Press reports.

Authorities plan to unseal an indictment charging Stanford, law enforcement officials said, speaking on condition of anonymity because they were not authorized to discuss the case. Stanford surrendered in Stafford, Va., on Thursday and is to appear in federal court in the state capital, Richmond, the officials said.

A grand jury in Houston has been investigating Stanford Financial Group. The Securities and Exchange Commission filed civil charges earlier this year accusing Stanford and his top executives of conducting an $8 billion fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank.

The SEC's lawsuit charged that the bank advertised its CDs in a brochure touting a conservative investment philosophy. But instead the bank's portfolio was "misappropriated by Defendant Allen Stanford and used by him to acquire private equity investments and real estate," the suit says.

Others indicted included Stanford executives Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt. Criminal charges were filed Friday against Stanford Financial Group CFO James Davis.

Stanford has maintained his innocence.

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