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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Feb 18, 2009
</TR><!-- headline one : start --><TR>Billionaire in $14b fraud <!--10 min-->
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Texas magnate Allen Stanford is accused of operating a multi-billion dollar investment scam. -- PHOTO: REUTERS
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<!-- START OF : div id="storytext"-->WASHINGTON - US regulators on Tuesday accused Texas magnate and top cricket promoter Allen Stanford of fraud in selling US$9.2 billion (S$14.05 billion) in securities by promising 'improbable and unsubstantiated' returns'.
A US district judge froze Stanford's assets after the Securities and Exchange Commission (SEC) said he was involved in global 'fraud of shocking magnitude that has spread its tentacles throughout the world.' Stanford's wealth management and financial services group has offices across North America, Latin America, Europe and the Caribbean.
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In all Stanford put up US$20 million in prize money for the match.
Stanford Financial's Big Play In Sports
THE sports world is reeling on Tuesday after the SEC accused Robert Allen Stanford of the Stanford Financial Group of massive fraud.
Stanford made huge investments in the sports sponsorship world, so much so that the London Times recently named Stanford the 65th most powerful person in the business of British sports.
Antigua in shock
ST. JOHN'S (Antigua) - ANTIGUANS expressed shock on Tuesday at news their top investor, Texas billionaire Allen Stanford, was charged with 'massive' fraud, and their prime minister said it could be 'catastrophic' for the nation.
'The fall-out threatens catastrophic and immediate consequences ... There is no need for panic,' Baldwin Spencer, the leader of the tiny twin-island state of Antigua and Barbuda said in a televised address.
</TD></TR></TBODY></TABLE>The SEC filed the civil charges against Stanford and other officials of his financial group in a federal court in Dallas.
It is the most high profile alleged fraud scheme since the SEC charged Wall Street financier Bernard Madoff with carrying out a US$50 billion (S$75 billion) Ponzi scheme December.
A major cricket enterpreneur, the 58-year old Stanford faces civil fraud charges for 'promising improbable and unsubstantiated high interest rates,' the SEC said.
It charged him and three of his companies with 'orchestrating a fraudulent, multi-billion dollar investment scheme centering on an eight billion CD (certificate of deposit) programme,' a statement said.
Stanford's companies include Antiguan-based Stanford International Bank (SIB), Houston, Texas-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management.
The SEC also linked Stanford to an additional scheme relating to US$1.2 billion in sales by SGC advisers of a mutual fund program, called Stanford Allocation Strategy (SAS), by using 'materially false' data.
SIB chief financial officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), were included with Stanford in the SEC enforcement action.
Following the commission's action, US District Judge Reed O'Connor had entered a temporary restraining order, froze Stanford's assets, and appointed a receiver to marshal those assets.
'Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors,' said Linda Thomsen, director of the SEC's enforcement division.
Rose Romero, an SEC regional director, said, 'We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.' The charges against Stanford has raised doubts over his cricket deals.
The England and Wales Cricket Board (ECB) said Tuesday they, together with West Indies cricket chiefs, had suspended talks with him concerning a new sponsorship deal.
The 20-nation West Indies domestic 20/20 cricket tournament and the cricket Super Series staged last year bear the name of Stanford. -- AFP <!-- end of for each --><!-- vbbintegration : start --><!-- vbbintegration : end --><!-- dennis change request 20070424 : start --><!---Google ad - Start : Wed, 18 Feb 2009 11:44:51:554---><!-- AdSpace STI Google ad tag --><SCRIPT language=JavaScript1.1 src="http://ads.asia1.com.sg/js.ng/site=tsti&pagepos=20&size=10X10"> </SCRIPT>
</TR><!-- headline one : start --><TR>Billionaire in $14b fraud <!--10 min-->
</TR><!-- headline one : end --><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Texas magnate Allen Stanford is accused of operating a multi-billion dollar investment scam. -- PHOTO: REUTERS
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->WASHINGTON - US regulators on Tuesday accused Texas magnate and top cricket promoter Allen Stanford of fraud in selling US$9.2 billion (S$14.05 billion) in securities by promising 'improbable and unsubstantiated' returns'.
A US district judge froze Stanford's assets after the Securities and Exchange Commission (SEC) said he was involved in global 'fraud of shocking magnitude that has spread its tentacles throughout the world.' Stanford's wealth management and financial services group has offices across North America, Latin America, Europe and the Caribbean.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><TABLE><TBODY><TR><TD>
VIDEO
</TD></TR><TR><TD>
<TABLE align=left><TBODY><TR><TD>
</TD></TR></TBODY></TABLE>SEC charges Allen Stanford with fraud
(1:47)
</TD></TR></TBODY></TABLE><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>ALLEN Stanford was the man behind the eponymous Stanford Super Series Twenty20 competition which culminated with his team of hand-picked Caribbean Superstars defeating England in a Twenty20 match at his own ground on the Caribbean state of Antigua and Barbuda, which netted the winning side a million dollars each. </TD></TR></TBODY></TABLE>SEC charges Allen Stanford with fraud(1:47)
In all Stanford put up US$20 million in prize money for the match.
Stanford Financial's Big Play In Sports
THE sports world is reeling on Tuesday after the SEC accused Robert Allen Stanford of the Stanford Financial Group of massive fraud.
Stanford made huge investments in the sports sponsorship world, so much so that the London Times recently named Stanford the 65th most powerful person in the business of British sports.
Antigua in shock
ST. JOHN'S (Antigua) - ANTIGUANS expressed shock on Tuesday at news their top investor, Texas billionaire Allen Stanford, was charged with 'massive' fraud, and their prime minister said it could be 'catastrophic' for the nation.
'The fall-out threatens catastrophic and immediate consequences ... There is no need for panic,' Baldwin Spencer, the leader of the tiny twin-island state of Antigua and Barbuda said in a televised address.
</TD></TR></TBODY></TABLE>The SEC filed the civil charges against Stanford and other officials of his financial group in a federal court in Dallas.
It is the most high profile alleged fraud scheme since the SEC charged Wall Street financier Bernard Madoff with carrying out a US$50 billion (S$75 billion) Ponzi scheme December.
A major cricket enterpreneur, the 58-year old Stanford faces civil fraud charges for 'promising improbable and unsubstantiated high interest rates,' the SEC said.
It charged him and three of his companies with 'orchestrating a fraudulent, multi-billion dollar investment scheme centering on an eight billion CD (certificate of deposit) programme,' a statement said.
Stanford's companies include Antiguan-based Stanford International Bank (SIB), Houston, Texas-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management.
The SEC also linked Stanford to an additional scheme relating to US$1.2 billion in sales by SGC advisers of a mutual fund program, called Stanford Allocation Strategy (SAS), by using 'materially false' data.
SIB chief financial officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), were included with Stanford in the SEC enforcement action.
Following the commission's action, US District Judge Reed O'Connor had entered a temporary restraining order, froze Stanford's assets, and appointed a receiver to marshal those assets.
'Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors,' said Linda Thomsen, director of the SEC's enforcement division.
Rose Romero, an SEC regional director, said, 'We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.' The charges against Stanford has raised doubts over his cricket deals.
The England and Wales Cricket Board (ECB) said Tuesday they, together with West Indies cricket chiefs, had suspended talks with him concerning a new sponsorship deal.
The 20-nation West Indies domestic 20/20 cricket tournament and the cricket Super Series staged last year bear the name of Stanford. -- AFP <!-- end of for each --><!-- vbbintegration : start --><!-- vbbintegration : end --><!-- dennis change request 20070424 : start --><!---Google ad - Start : Wed, 18 Feb 2009 11:44:51:554---><!-- AdSpace STI Google ad tag --><SCRIPT language=JavaScript1.1 src="http://ads.asia1.com.sg/js.ng/site=tsti&pagepos=20&size=10X10"> </SCRIPT>
