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Sir Allen Stanford charged with fraud - WICB and ECB suspend talks

Published:Tuesday | February 17, 2009 | 3:19 PM

Following an announcement today (Tuesday, February 17, 2009) by the US Securities and Exchange Commission that it has charged Sir Allen Stanford and three of his companies with fraudulent conduct, the England and Wales Cricket Board and the West Indies Cricket Board have immediately suspended all their ongoing negotiations with Sir Allen Stanford and his corporate group.



(joint statement from the WICB and ECB)





US federal regulators are charging Texas billionaire R Allen Stanford and three of his companies with a \"massive\" fraud that centered around high-interest-rate CDs.



The Securities and Exchange Commission\'s complaint, filed in federal court in Dallas, alleges that Stanford International Bank sold about US$8 billion of so-called certificates of deposit to investors by promising \"improbable and unsubstantiated high interest rates.\"



Listen to the Gleaner/Power 106 report at 5:00 pm for more details.

listen to the power 106 report at 5:00 pm for more details.