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/business/7902667.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Stanford bank in Antigua seized | Stanford bank in Antigua seized |
| (20 minutes later) | |
| Caribbean regulators have seized the Bank of Antigua, owned by the Stanford group, amid accusations of fraud. | Caribbean regulators have seized the Bank of Antigua, owned by the Stanford group, amid accusations of fraud. |
| The move comes after governments elsewhere, including in Peru, Venezuela, and Ecuador, suspended operations at banks owned by the group. | The move comes after governments elsewhere, including in Peru, Venezuela, and Ecuador, suspended operations at banks owned by the group. |
| Sir Allen Stanford stands accused by US financial authorities of involvement in an $8bn (£5.6bn) investment fraud. He was served civil papers on Thursday. | Sir Allen Stanford stands accused by US financial authorities of involvement in an $8bn (£5.6bn) investment fraud. He was served civil papers on Thursday. |
| The billionaire had been the single biggest private investor in Antigua. | The billionaire had been the single biggest private investor in Antigua. |
| The Securities and Exchange Commission (SEC) has accused Sir Allen of an alleged fraud "of shocking magnitude". | The Securities and Exchange Commission (SEC) has accused Sir Allen of an alleged fraud "of shocking magnitude". |
| Authorities in the US claim that Sir Allen attracted clients by promising unrealistic returns on investments. | Authorities in the US claim that Sir Allen attracted clients by promising unrealistic returns on investments. |
| However, he is not in custody and has not been charged with any criminal violations. | However, he is not in custody and has not been charged with any criminal violations. |
| Customer accounts held by Stanford Financial Group were frozen until legal claims could be resolved, Reuters news agency reported the company's receiver as saying on Friday. | Customer accounts held by Stanford Financial Group were frozen until legal claims could be resolved, Reuters news agency reported the company's receiver as saying on Friday. |
| Earlier in the day, the England and Wales Cricket Board (ECB) ended all contractual links with the billionaire. | Earlier in the day, the England and Wales Cricket Board (ECB) ended all contractual links with the billionaire. |
| The ECB had signed a multi-million dollar deal with the Texan to stage a series of Twenty20 cricket games and tournaments both in the Caribbean and in England. | The ECB had signed a multi-million dollar deal with the Texan to stage a series of Twenty20 cricket games and tournaments both in the Caribbean and in England. |
| The England team will not take part in any future Stanford Super Series matches, and the Stanford-sponsored Quadrangular Twenty20 games planned for England in 2009 will not now take place. | The England team will not take part in any future Stanford Super Series matches, and the Stanford-sponsored Quadrangular Twenty20 games planned for England in 2009 will not now take place. |
| 'Unusual withdrawal' | 'Unusual withdrawal' |
| The Eastern Caribbean Central Bank says it took control of the Bank of Antigua to prevent a run on the bank after the SEC filed civil fraud charges against Sir Allen in the US. The bank was not named in the SEC's complaint. | |
| The central bank said it had taken the step after "an unusual and substantial withdrawal of funds." | The central bank said it had taken the step after "an unusual and substantial withdrawal of funds." |
| The move by Antigua regulators is aimed at maintaining stability and reassuring customers, correspondents say. | The move by Antigua regulators is aimed at maintaining stability and reassuring customers, correspondents say. |
| Antigua's Financial Services Regulatory Commission has named a British firm, Vantis Business Recovery Services, as a receiver of Stanford International Bank and Stanford Trust Company, the Associated Press reports. | Antigua's Financial Services Regulatory Commission has named a British firm, Vantis Business Recovery Services, as a receiver of Stanford International Bank and Stanford Trust Company, the Associated Press reports. |
| In 2006 Sir Allen was knighted by Antigua and holds Antiguan citizenship. | In 2006 Sir Allen was knighted by Antigua and holds Antiguan citizenship. |