Friday, June 19, 2009

Sir Allen Stanford Surrendered to FBI on Alleged Fraud Charge

Texas-based billionaire Sir Allen Stanford has recently surrendered to FBI in Fredericksburg, Virginia and is now facing criminal charges filed against him earlier. The business tycoon, who is involved in Caribbean cricket, is charged for allegedly selling certificates of deposit worth $8bn (£4.9bn) from his Stanford International Bank headquartered in Antigua. He is also facing a charge filed by US Securities and Exchange Commission. Stanford will now have to attend court hearing for the charged brought against him.

Allen Stanford is also known as a cricket entrepreneur who has bankrolled a multi-million dollar Twenty20 Cricket Tournament in West Indies. Last year, he invited England national cricket team to play a million-dollar Twenty20 match against the Caribbean champions. Every member of the winning team of the match received $1m as prize money.

Related article:

Sky News


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