Financial Times FT.com

SEC charges Stanford with fraud

By Stacy-Marie Ishmael in New York and Joanna Chung in Washington

Published: February 17 2009 17:02 | Last updated: February 17 2009 21:42

Sir Allen Stanford, the billionaire Texan and cricket bankroller, was charged by US securities regulators on Tuesday over a “massive” investment fraud through his Antigua-based offshore bank.

The Securities and Exchange Commission alleged that Stanford International Bank, based in St John’s, Antigua, and one of several companies run by Sir Allen, sold about $8bn in “certificates of deposits’’, promising “improbable and unsubstantiated high interest rates”.

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