Cricinfo, Cricinfo staff, February 17, 2009

[Editor: After more reading I don’t think Sir Allen Stanford was ever arrested, but this was the original verbatim title of the Cricinfo story. The title has been changed by Cricinfo as shown.]

Stanford arrested and charged with fraud

Allen Stanford charged with fraud in USA

Quote from Cricinfo, Cricinfo staff, February 17, 2009

Antigua-based billionaire Allen Stanford has been charged with fraud by US authorities according to the Reuters agency. The Securities and Exchange Commission (SEC) said that it was “alleging a fraud of shocking magnitude”.

The ECB reacted to the news with a statement saying it and the West Indies board had “suspended negotiations with Stanford and his financial corporation concerning a new sponsorship deal”.


Quote from SEC:

SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment Scheme

FOR IMMEDIATE RELEASE
2009-26

Washington, D.C., Feb. 17, 2009 — The Securities and Exchange Commission today charged Robert Allen Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an $8 billion CD program.

 


Additional Materials

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Stanford’s companies include Antiguan-based Stanford International Bank (SIB), Houston-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management. The SEC also charged SIB chief financial officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action.


Giles Clarke admits to error of judgement

Quote from Cricinfo, Cricinfo staff, February 17, 2009

The ECB reacted to the news that Allen Stanford had been charged with fraud in the USA with a statement saying it and the West Indies board had “suspended negotiations with Stanford and his financial corporation concerning a new sponsorship deal”.

Speaking to journalists in Antigua, the ECB chairman Giles Clarke admitted that his organisation may have made an error of judgement in getting involved with Stanford, but added that they had done so “with the best of intentions”.


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