Ok so, news broke on Tuesday, that warrants were issued for the arrest of Sir Allen Stanford, the Texan billionaire who has financed 20/20 cricket in the Caribbean since 2006.
He's been charged with over US $8 billion in securities fraud (by the US-based Securities and Exchange Commission - SEC)...specifically for issuing certificates of deposit that purportedly gave investors abnormally high returns on their investment.
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As Antiguans rushed to withdraw their monies from the Stanford-owned banks in Antigua, the Antiguan government, has been trying to calm the nerves of Antiguans and their own nerves...news reports say that Stanford's investments contributed to over 30% of Antigua's GDP.
(Stanford has double-citizenship in Antigua and the USA and only visits the USA for a few months, each year, for tax-reporting purposes.)
It has also been reported that five (5) West Indian cricketers who invested the USD $1 million prize money (apiece) that they bagged after defeating the English 20-20 team last November, in Stanford owned companies, are also worried as to the future of these investments.
Hmmh?!!??
So now, US authorities have found Stanford...and guess where??...not on the high seas, in international waters, but in the USA, in Richmond, Virginia, to be exact.
The FBI agent who found him, today, is now reporting that he was never missing, to begin with. There have also been no criminal charges laid against Sir Allen.
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Everyone is now washing their hands off of Sir Allen...from the West Indies Cricket Board to the English and Wales Cricket Board - two organizations, that he was very generous to.
(He single-handedly bankrolled 20/20 cricket in the Caribbean, until last year when Digicel, major sponsors of the West Indies Cricket Team, demanded a piece of the action.)
Even his monies donated to lobby groups and members of the US Congress are now being hurriedly shuffled into charities, as no one want to be associated with "tainted money".
Funny huh? How just a few months ago...everyone in the Caribbean and in Britain wanted to be associated with the Midas of cricket...and now he is a pariah.
But I guess that's how the cookie crumbles as they say...no one wants to be associated with someone who's been publicly accused of fraud...no matter if he was a friend to them.
And so it goes, when trouble catch you (when you're in trouble) that's when you know who your true friends are.
It is my hope that the US government will get this matter to trial as quickly as possible, so that monies left, can be put in genuine interest-bearing accounts and can be used to pay the people who've been 'defrauded'.
(The US authorities have frozen Sir Allen's assets.)
It's just a pity, though, that someone who seemed to love the game of cricket, so much so, that he invested heavily in it's development, has come to this demise.
However,if he is really guilty, I believe that he should feel the full extent of the law and not be allowed to rest, until he has paid back every single dime (with interest) to investors.
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As with Olint, we will keep you updated re this matter with Sir Allen Stanford.
(I would like to thank mediamran for the use of his Flickr inset picture above).
Gillian
Sources Include
1) Power 106 FM, News at 5:00 p.m., February 19, 2009
2) Television Jamaica's Nightly News at 7:00 p.m., February 19,2009
3) CNN, February 19,2009
4) Article, "Allen Stanford the Texan behind 20/20 cricket riches charged over 9.2 bn 'fraud'", The Times Online, February 18, 2009
5) Article,"Stanford and Firm Spent 7.2 million on Lawmakers (Correct)",Bloomberg.com US, February 18,2009
6) Article, "Clarke admits deal with Stanford was a mistake", Guardian.Co.Uk, February 17,2009
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