Billionaire cricket tycoon charged with “massive, ongoing fraud”

Billionaire cricket tycoon charged with “massive, ongoing fraud”


US regulator, the Securities and Exchange Commission, has charged businessman Sir Allen Stanford with a “massive, ongoing” investment fraud of £5.6 billion.  

Three of the financier’s companies have been accused of orchestrating huge fraud, promising investors improbably high returns. US regulators have been investigating Stanford’s business activities since last year, but stepped up the enquiry after Bernard Madoff’s £35 billion fraud came to light.


A judge has frozen the assets of Stanford, along with those of three of his businesses: Stanford Group, Stanford International Bank and investment advisor Stanford Capital Management.


The Stanford International Bank, based in Antigua, has been run by “a close circle of Stanford’s family and friends”, the SEC said, which sold $8 billion worth of certificates to investors.


“We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world,” commented Rose Romero of the SEC.


Stanford is known in the UK for entering into big money agreements with English cricket bosses. He signed a five year sponsorship deal worth over £70 million with the England and Wales Cricket board last summer.


Following news of the allegations, the England and West Indies cricket boards both suspended sponsorship negotiations.

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