Stanford charged

Texan billionaire and cricket promoter Sir Allen Stanford has been charged in relation to an eight billion dollar investment fraud.



The United States Securities and Exchange Commission (SEC) said the businessman had orchestrated a fraudulent, multi-billion dollar investment scheme.



The SEC said the fraud was based on false promises and fabricated historical return data.



The SEC has named Sir Allen, his Antiguan based Standford International Bank, and the Houston based broker dealer and investment adviser Standford Group Company as being involved in the fraud.



Another of his companies, investment adviser Standford Capital Market was also named.



Regionald Director of the SEC’s Forth Worth regional Office, Rose Romero said the fraud is of shocking magnitude that has spread its tentacles throughout the world.



A US judge has issued a temporary restraining order, freezing Sir Allen’s assets and has appointed a receiver to marshal his assets.



The SEC’s complaint filed in the federal court in Dallas, alleges that acting through a network of Sir Allen’s companies sold approximately eight billion US dollars certificates of deposit to investors.



Sir Allen is a cricket promoter behind the Stanford Series, which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a 20 million prize.



The England and Wales Cricket Board has suspended sponsorship negotiations with Sir Allen following the fraud charges.



Efforts to reach the presidents of the West Indies and Jamaican Cricket Boards for a comment proved futile.