Allen Stanford
Allen Stanford

The West Indies Cricket Board (WICB) might have legal action taken against it as receivers acting for creditors, are seeking to regain monies spent by Allen Stanford who is in custody awaiting trial for an alleged US $7 billion financial empire, Ponzi Scheme.

According to the website, The threat of legal action comes with the Stanford receiver, Ralph Janvey, pursuing sporting bodies sponsored by Stanford.

Janvey is claiming that the money was "fraudulently transferred" from the proceeds of an illegal investment scheme, and the sports companies did not provide "good value" for the payments, and cannot demonstrate they had received the money "in good faith".

Investigation are therefore on the way seeking all significant payments made by any of the Stanford entities, and that would include payments made to professional sports figures or organisations.

Cricketing Greats Might be Affected

Michael Owen was recruited as an ambassador for the Stanford Financial Group in April 2008. Kevin Pietersen, the England captain at the time of the first and only Stanford Super Series in Antigua, was recruited as an ambassador.

Eight former West Indian players, including Sir Vivian Richards, Curtly Ambrose, Courtney Walsh and Richie Richardson, were also retained as ambassadors.

According to the Telegraph, England Cricket Board (ECM) chairman, Giles Clarke said, "We entered into the Stanford transaction in good faith. Like many other sporting bodies and sports people we carried out our side of the contract and he carried out his and we were paid. We then passed those funds on to the benefit of the game..."