State Senator Paul Stanley (R- Memphis) said today that he had no prior knowledge and was "dumbfounded" to learn that the Federal Bureau of Investigation had raided his employer's offices today in Memphis.

Stanley works as a wealth manager for Stanford Financial Group Inc., a Houston-based firm that is now under investigation by several federal agencies. The investigation revolves around the company's certificates of deposits, which pay interest rates that are more than twice the national average.

According to Stanley, he was made aware last week of some news reports out of Houston that company was being looked at by authorities. Apparently, the investigation that took place resulted in today's actions by the federal government.

Asked if he had been contacted by the FBI for questioning or if he was aware of any action, Stanley said that he had not been and he was only learning about the details of the investigation through media reports. He said that he had learned earlier today that employees were sent home and that federal agents had occupied the building. Stanley even said that the company's work e-mail had been shut down and he had not been able to to contact any of his co-workers.

When asked about his position in the company, Stanley said that he is a wealth manager with between 50 and 60 clients and had been employed by Stanford Financial for the past three years. He said that only a few of his clients had money in international certificates of deposit, adding that that part of the company was not part of his business.

Stanley added that his priority right now would be to work for his clients and represent their needs. Asked if he planned to resign from the company, Stanley reiterated his need to work on behalf of his clients but that he would probably not be with the company for much longer. He added that if the leaders of the company have violated the law, they should be prosecuted to the full extent.

The Memphis office of Stanford Financial handled over $100 million in assets, according to Stanley's rough estimate.