Page last updated at 10:24 GMT, Tuesday, 30 June 2009 11:24 UK

Accounts frozen in Stanford probe

Sir Allen Stanford - file photo
Sir Allen Stanford pleaded not guilty to fraud charges last week

The Serious Fraud Office has said it has frozen $100m (£60m) of assets in London in connection with Sir Allen Stanford's alleged $7bn fraud.

Following a request from the US Department of Justice, the SFO froze a number of accounts held "at certain London financial institutions".

These funds were allegedly acquired in connection with Sir Allen's suspected fraud scheme, the SFO said.

The assets were frozen in April, but kept secret until after his arrest.

They will be frozen pending the outcome of the criminal proceedings in the US.

Bail review

Sir Allen Stanford surrendered to FBI officers earlier this month and was taken into custody.

He appeared in court a week later where he pleaded not guilty to fraud, conspiracy and obstruction.

The 59-year old billionaire, who is currently on bail, faces spending the rest of his life in jail if found guilty on all charges.

He is expected to find out later on Tuesday if he can remain on bail pending the start of his trial in August.

Sir Allen and three former executives are accused of being involved in a scheme which persuaded investors to buy $7bn worth of certificates of deposit from Stanford International Bank, located in Antigua.

Prosecutors said they "promised returns that were too good to be true".



Print Sponsor


SEE ALSO
US billionaire pleads not guilty
25 Jun 09 |  Americas
Sir Allen Stanford arrested in US
19 Jun 09 |  Americas
Chief Stanford official charged
12 May 09 |  Americas
Stanford: 'Clients lost no money'
06 Apr 09 |  Business
Profile: Sir Allen Stanford
19 Jun 09 |  Americas


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

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific