Nigel Hamilton-Smith, a representative of a British firm appointed as receiver by Antigua's banking regulatory commission, said 77 workers of ailing Stanford International Bank Limited and Stanford Trust Company Limited were sent home last Wednesday.

"Unfortunately, we have had to reduce staff levels," said Hamilton-Smith of Vantis Business Recovery Services. "The operations of both companies have been significantly scaled back to deal solely with investor inquiries."

Pyramid scheme

The US Securities and Exchange Commission filed a lawsuit in February accusing Stanford and his top financial officer of running a massive pyramid scheme that defrauded investors of about US$8 billion.

Stanford has denied the allegations. In an ABC interview that aired earlier this month, he denied running a Ponzi scheme and said he has the assets to back up his businesses.

Antigua's banking regulatory commission said it appointed the British firm as receiver to protect "the reputation and integrity" of its banking sector. Officials have said they hope to keep the embattled billionaire's Antigua businesses in operation.

- AP