NEWS

Sir Allen Stanford to be Charged

7 Mar 2009, 12:00 AM

By: gop

Could Sir Stanford be innocent in all of this? If he is, Why is he being targeted?

The Texan billionaire who resides in Antigua, and is a large financier in the island is the creator of twenty-twenty cricket tournaments within the Caribbean where territories in the area are involved single elimination knockout cricket competition. The inaugural tournament took place in July/August 2006 with Guyana emerging as the Stanford 20/20 Champions.

Although Financing of the tournament was through Sir Stanford, he had brilliantly created a board comprising 13 cricket legends who act as ambassadors for the tournament, assisting with the promotion of the competition throughout the region and supporting the participating countries.

In 2008 this tournament took a giant leap and was structured to involve the English team who played against players from the west Indies. In this tournament the winning team players took home 20 million dollars.

The billionaire is currently being investigated at the writing of this article and is expected to be charged in two weeks time. 

Sir Stanford has stated in an interview on ABC that if he was involved in a ponzi scheme then investors would not have been able to get back monies invested. He said that his companies are being sold and Billions and billions are coming to the fore. It is alleged that Sir Allen is involved in a $8 billion dollar ponzi scheme or pyramidal scheme involving "self-styled certificates of deposits" with "improbable" rates of return.

Sir Stanford during an emotional interview believes he is being targeted for reasons which are not clear to the general public. Sir Stanford was 405th riches man in the world according to Forbes magazine.

Could Sir Allen Stanford be in the position he is in because of his involvement with West Indies Cricket? Could it be the power that be is not happy with large sums of money being pumped into into a predominately black team which under the financing of Sir Allen Stanford lead to the West indies dominating an English White team which was exposed to the world especially the United States where if the game of cricket catches on could lead to an upliftment in the game?


Update: Sir Allen Stanford remanded (19/06/2009).

Texas billionaire Allen Stanford, three associates and a top Caribbean regulator were indicted on fraud, conspiracy and obstruction charges in an elaborate $7 billion pyramid scheme to bilk investors, U.S. Justice Department officials said.

A federal judge in Virginia ordered Stanford, a flamboyant 59-year-old financier, to be transferred to Houston for a hearing on whether he should be granted bail on charges he orchestrated the fraud through his bank on the Caribbean island of Antigua.

He could face life in prison if convicted on all of the charges brought by a grand jury in Texas, assistant Attorney General Lanny Breuer told reporters in Washington.(Reuters)

Stanford and executive Laura Pendergest-Holt, accountants Gilberto Lopez and Mark Kuhrt and Antigua's top regulator, Leroy King, were hit with 21 charges alleging they concocted a broad ruse to deceive investors, fabricate financial statements and hide their alleged fraud.

Related articles

Sir Allen Stanford's Knighthood Rev ...

In Antigua and Bermuda in October 2009, the National Honors Committee of An ...

Allen Stanford Millions Sought by R ...

Receiver is seeking to recoup about $14million paid to sports organisations ...

Vybz Kartel Charged for Murder ...

Dancehall artiste Adijah Palmer also known as Vybz Kartel has been charged ...

Sir Ellis Clarke Suffers a Stroke ...

Sir Ellis Clarke, the first President of Trinidad and Tobago, has suffered ...