Allen Stanford, the flamboyant Texan billionaire and cricket impresario who sponsored a $1 million-a-man match in the West Indies, was charged in the US yesterday in connection with an alleged $9.2bn (£6.4bn) investment fraud, The Times reports.
As investors arrived at his Stanford International Bank (SIB) on the Caribbean island of Antigua to demand their money back, US marshals raided the Houston headquarters and offices in Memphis and Tupelo of the privately-owned parent company, Stanford Financial Group, which says it manages more than $50bn in assets. The England and West Indies cricket boards suspended sponsorship negotiations with Mr Stanford last night. BRITAIN COULD BE stripped of its prized AAA credit rating as a result of the Government's latest bank bail-out, potentially jeopardising any economic recovery, accor...
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