Financier and sports sponsor Sir Allen Stanford's offshore bank is believed to be under investigation by the FBI, according to reports.
Antigua-based Stanford International Bank (SIB) owned by the billionaire famous for his $20m Twenty20 cricket tournament, is being examined by agents after payments to investors aroused suspicion. Investors were paid returns twice as large as conventional banks while former employees accused the bank of 'unethical and illegal practices," according to The Times. While SIB clarified an investigation by American regulator, the Securities and Exchange Commission (SEC) is underway, it would not confirm reports the FBI and IRS has been examining the business 'for months'. The FBI's probe wa...
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