Stanford's offshore bank seized by state

Stanford International Bank (SIB) is at the centre of a multi-billion dollar fraud investigation by the FBI and Wall Street regulator the US Securities and Exchange Commission (SEC). The SEC believes SIB duped investors who bought bonds and mislead them about the performance of their savings. Authorities in Antigua have appointed British receivers to oversee SIB, alleged to have orchestrated an $8bn fraud, reports The Independent. They have also taken control of a local bank in a bid to stop a run threatening to rock the jurisdiction's economy. The investigation into the billionaire...