Page last updated at 09:41 GMT, Thursday, 12 March 2009

Stanford will not talk to inquiry

Sir Allen Stanford - file photo 11/06/2008
Sir Allen was Antigua's largest private employer

Billionaire American financer Sir Allen Stanford has refused to talk to US regulators investigating his alleged $8bn (5.6bn) fraud.

Court documents have shown that Sir Allen has pleaded the Fifth Amendment - the right to withhold potentially self-incriminating evidence.

The civil case against Sir Allen has been brought by US financial watchdog, the Securities and Exchange Commission.

His assets have been frozen, but he does not yet face any criminal charges.

Cricket-sponsorship

The Securities and Exchange Commission (SEC) says Sir Allen is guilty of a fraud of "shocking magnitude".

They accuse him of orchestrating the fraud through his Stanford Financial Group, which the SEC says offered unrealistically high returns to investors.

The SEC says he ran a Ponzi-style fraud scheme, whereby earlier investors were paid returns through money gained from newer investors, rather than from any actual investment profit.

Sir Allen came to prominence last year when he sponsored a high-profile Twenty20 cricket tournament, which culminated in a between England and an all-stars West Indies team that gave each winning player $1m.

His property in the Caribbean state of Antigua and Barbuda, where many of his business interests are based, was recently seized by the islands' government.

Print Sponsor


SEE ALSO
Seizure of Stanford land endorsed
27 Feb 09 |  Americas
Stanford official arrested by FBI
27 Feb 09 |  Americas
Call for Stanford 'land seizure'
26 Feb 09 |  Americas
Countries suspend Stanford banks
19 Feb 09 |  Americas
US fraud charge tycoon disappears
19 Feb 09 |  Americas
Profile: Sir Allen Stanford
19 Feb 09 |  Americas

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific