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| Countries suspend Stanford banks | Countries suspend Stanford banks |
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| 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. |
| Antigua reacts to Stanford chargesCricket chief under pressureBlog: Mihir BoseProfile: Sir Allen Stanford | |
| Queues of worried investors have formed at banks associated with him in the US, the Caribbean and Latin America. | Queues of worried investors have formed at banks associated with him in the US, the Caribbean and Latin America. |
| 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. |
| STANFORD'S FINANCIAL EMPIRE The first Stanford company was founded in Texas in 1932 by Lodis B Stanford, Sir Allen Stanford's grandfatherStanford Financial Group is a complex worldwide network of affiliated financial services companiesThe group reports it has over $50 billion in assetsStanford International Bank, Antigua-based affiliate with $8.5bn in assets and 30,000 clients around the world. Sir Allen Stanford is a chairman and sole shareholder Sources: Corporate websites, Securities and Exchange Commission | |
| 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. |
| 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. |
| SEC COURT DOCUMENT Read the allegations filed by the Securities and Exchange Commission in full [6.5MB] Most computers will open this document automatically, but you may need Adobe Reader Download the reader here | |
| 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". |
| John Fuller, an Antigua-based criminal attorney who has known Sir Allen for 10 years, said the financier would be likely fight hard against the charges. | John Fuller, an Antigua-based criminal attorney who has known Sir Allen for 10 years, said the financier would be likely fight hard against the charges. |
| "He's run a very clean - when I say clean, I mean shiny operation. But one does not know what is going on behind the scenes. | "He's run a very clean - when I say clean, I mean shiny operation. But one does not know what is going on behind the scenes. |
| "He could be anywhere. This is a man who has means at his fingertips. He's not a man who's going to take any of this lying down. He will fight it. He will mount a campaign to show that he is a victim rather than the perpetrator. He is a fighter." | "He could be anywhere. This is a man who has means at his fingertips. He's not a man who's going to take any of this lying down. He will fight it. He will mount a campaign to show that he is a victim rather than the perpetrator. He is a fighter." |