Only months ago, Stanford, known as “Sir Allen” in Antigua whose authorities knighted him in 2006, was providing fodder for the British tabloids by flying in by helicopter to bankroll international cricket matches in a blaze of publicity. regulations and that he would “fight with every breath to continue to uphold our good name.” He said his company was fully compliant with all U.S. federal probe as “routine” and triggered by complaints from disgruntled former employees.
The SEC’s revelation that Stanford’s business empire - stretching from the Caribbean island of Antigua to Houston, Miami and Caracas - was exposed to losses from the alleged Ponzi scheme run by financier Bernard Madoff completes the picture of a finance king who somehow lost his Midas touch along the way.īefore the SEC civil charges were announced, Stanford dismissed the U.S. The SEC said they and the bank reported “improbable” high returns and gave “false” assurances to investors. Securities and Exchange Commission alleged Stanford and two fellow executives fraudulently sold $8 billion in high-yield certificates of deposit. headquarters in Houston, federal authorities charged the flamboyant 58-year-old mustachioed financier and three of his companies with a “massive ongoing fraud.”Īccusing him of far less altruistic aspirations than those trumpeted on his website, the U.S. In a self-congratulatory posting on the Stanford Group’s website, its founder and chairman credits his grandfather with giving him “the inspiration to dream” and “an unwavering desire to build a business that is second to none.” He speaks of “a passion for service and the values that hold us together”.
fraud charges against him and his companies. MIAMI, Feb 17 (Reuters) - Allen Stanford, the high-flying Texas billionaire with a Caribbean knighthood and a penchant for publicity and cricket, has been brought down to earth with a thud by U.S.
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