This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/7899680.stm
The article has changed 9 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Countries suspend Stanford banks | Countries suspend Stanford banks |
| (10 minutes later) | |
| Peru and Venezuela have become the latest countries to intervene in local banks controlled by the Stanford group as it faces fraud accusations. | Peru and Venezuela have become the latest countries to intervene in local banks controlled by the Stanford group as it faces fraud accusations. |
| Peru's securities regulator suspended local operations of the Stanford Financial Group for 30 days. | Peru's securities regulator suspended local operations of the Stanford Financial Group for 30 days. |
| It follows action by Panama, Ecuador and Antigua after billionaire Sir Allen Stanford was accused in connection with an $8bn (£5.6bn) investment fraud. | It follows action by Panama, Ecuador and Antigua after billionaire Sir Allen Stanford was accused in connection with an $8bn (£5.6bn) investment fraud. |
| The regulators are hoping to calm customers worried about investments. | The regulators are hoping to calm customers worried about investments. |
| Sir Allen, a 58-year-old Texan, has not been seen by officials since the US Securities and Exchange Commission filed a civil case on Tuesday. | Sir Allen, a 58-year-old Texan, has not been seen by officials since the US Securities and Exchange Commission filed a civil case on Tuesday. |
| The SEC said Sir Allen and two other executives promised clients unrealistic returns on certificates of deposit. | The SEC said Sir Allen and two other executives promised clients unrealistic returns on certificates of deposit. |
| Queues of worried investors have formed at banks associated with him in the US, the Caribbean and South America. | Queues of worried investors have formed at banks associated with him in the US, the Caribbean and South America. |
| Antigua reacts to Stanford chargesCricket chief under pressureBlog: Mihir Bose href="/1/hi/world/americas/7898924.stm">Profile: Sir Allen Stanford A civil court judge in the US has frozen the assets of Sir Allen and the other accused as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB), and another subsidiary, investment adviser Stanford Capital Management. | |
| Peruvian regulators acted after queues of anxious customers gathered at a branch in Lima. | Peruvian regulators acted after queues of anxious customers gathered at a branch in Lima. |
| In Venezuela, Finance Minister Ali Rodriguez said the government would take control of Stanford Bank Venezuela, after a wave of panic withdrawals, even though the bank's assets are separate from SIB. | In Venezuela, Finance Minister Ali Rodriguez said the government would take control of Stanford Bank Venezuela, after a wave of panic withdrawals, even though the bank's assets are separate from SIB. |
| He said that the job of the Venezuelan government was to make sure that what he called "the capitalist crisis" did not affect the Venezuelan economy. | He said that the job of the Venezuelan government was to make sure that what he called "the capitalist crisis" did not affect the Venezuelan economy. |
| Mr Rodriguez said the government would be looking for an explanation from the US authorities about the charges and the financial health of SIB. | Mr Rodriguez said the government would be looking for an explanation from the US authorities about the charges and the financial health of SIB. |
| The Venezuelan government assured investors that the economy was stable and denied that the decision to intervene in the bank was indicative of wider financial problems. | The Venezuelan government assured investors that the economy was stable and denied that the decision to intervene in the bank was indicative of wider financial problems. |
| Widespread concern | Widespread concern |
| A local arm of Stanford Financial Group also halted its activities on the stock exchange in Colombia on Wednesday, and Mexico was also said to be considering measures. | A local arm of Stanford Financial Group also halted its activities on the stock exchange in Colombia on Wednesday, and Mexico was also said to be considering measures. |
| The BBC's Greg Wood, in Houston, said a steady flow of people had turned up at the Stanford group's headquarters in the city on Wednesday, trying find out what had happened to their money. | The BBC's Greg Wood, in Houston, said a steady flow of people had turned up at the Stanford group's headquarters in the city on Wednesday, trying find out what had happened to their money. |
| Hundreds of depositors of Sir Allen's Bank of Antigua in Antigua also sought to withdraw their funds on Wednesday, although the bank is separate from SIB. | Hundreds of depositors of Sir Allen's Bank of Antigua in Antigua also sought to withdraw their funds on Wednesday, although the bank is separate from SIB. |
| The SEC said no-one but Sir Allen and James Davis, SIB's chief financial officer, knew where most of cash has been invested and accused both men of failing to co-operate with investigators. | The SEC said no-one but Sir Allen and James Davis, SIB's chief financial officer, knew where most of cash has been invested and accused both men of failing to co-operate with investigators. |
| Filing a case in the civil courts against Sir Allen, the SEC described the case as "fraud of shocking magnitude that has spread its tentacles throughout the world". | Filing a case in the civil courts against Sir Allen, the SEC described the case as "fraud of shocking magnitude that has spread its tentacles throughout the world". |