Stanford charged with fraud in USA
Allen Stanford, the Caribbean billionnaire famous for the Stanford Twenty20 for 20 match has been charged with fraud in the USA. The Securities and Exchange commission (SEC) stated that it was "alleging a fraud of shocking magnitude".
The SEC filed a complaint in court against Stanford on Tuesday of fraud in the sale of US$8 billion high-yielding certificates of deposit held in the firm's bank in Antigua.
The Antiguan Prime Minister came out immediately after the announcement saying the case had profound, serious implication" but said there was a contigency plan in place.
Cricinfo - Allen Stanford charged with fraud in USA
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Well, some very, very bad news for West Indies cricket. Antigua and Barbuda rely on Stanford-backed sponsorship on there as well as the development he does for cricket in the region and this will not help their cause at all.
It looks quite likely that Stanford isn't going to play much of a part in West Indian cricket for the forseeable future and his sponsorship money will be sorely missed. I hope Antigua and Barbuda can get some alternate sponsors soon.
Allen Stanford, the Caribbean billionnaire famous for the Stanford Twenty20 for 20 match has been charged with fraud in the USA. The Securities and Exchange commission (SEC) stated that it was "alleging a fraud of shocking magnitude".
The SEC filed a complaint in court against Stanford on Tuesday of fraud in the sale of US$8 billion high-yielding certificates of deposit held in the firm's bank in Antigua.
The Antiguan Prime Minister came out immediately after the announcement saying the case had profound, serious implication" but said there was a contigency plan in place.
Cricinfo - Allen Stanford charged with fraud in USA
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Well, some very, very bad news for West Indies cricket. Antigua and Barbuda rely on Stanford-backed sponsorship on there as well as the development he does for cricket in the region and this will not help their cause at all.
It looks quite likely that Stanford isn't going to play much of a part in West Indian cricket for the forseeable future and his sponsorship money will be sorely missed. I hope Antigua and Barbuda can get some alternate sponsors soon.
