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".

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