Cricket mogul Stanford to be stripped of knighthood over Ponzi scam
November 3rd, 2009 - 3:57 pm ICT by ANILondon, Nov. 3 (ANI): Texan cricket tycoon Allen Stanford who is being investigated by the FBI for running a 7 billion dollar Ponzi scheme, will be stripped of his knighthood in Antigua and Barbuda. The Telegraph quoted Jacqui Quinn-Leandro, the chairman of the Caribbean country’s National Honours Committee, as saying that the nation voted unanimously to revoke his title for “embarrassing the nation” by running the scheme out of his Antigua-based offshore bank.
“It’s not that we’re saying he’s guilty, but it’s the honour that has been brought into disrepute,” Quinn-Leandro added.
Stanford is in jail in Texas awaiting charges for allegedly defrauding some 28,000 investors by selling them bogus certificates of deposits. Stanford received his knighthood in 2006 from the governor general - the representative of the Queen in the country - and was widely known as “Sir Allen” in the Caribbean nation.
It has been alleged that Stanford used the title’s prestige to help lure investors to buy certificates of deposits from his offshore bank while promising rates of return that were consistently higher than most financial institutions.
A group of investors has also filed a lawsuit against Antigua and Barbuda alleging that local authorities failed to adequately monitor Stanford International Bank Ltd., and profited from the alleged fraud. (ANI)
- Sir Garfield Sobers backs beleaguered cricket mogul Stanford - Dec 18, 2009
- US suspected Allen Stanford's 'Ponzi schemes' long before ECB deal: WikiLeaks - Dec 21, 2010
- Cricket tycoon Stanford files 7.2 billion dollar lawsuit against US prosecutors, SEC - Feb 19, 2011
- ECB faces legal threat over ill-gotten' Stanford gains - Feb 03, 2011
- Cricket moghul Stanford hospitalized after prison fight with fellow inmate - Sep 26, 2009
- US court finds 'mentally impaired' Stanford 'incompetent' to face trial in fraud case - Jan 27, 2011
- Cricket tycoon Stanford's fraud case delayed over mental incompetence to face trial - Jan 08, 2011
- Texan financier Stanford was 'US government informer' - May 11, 2009
- Yet another finance scandal: Stanford Bank took $8 bn - Feb 20, 2009
- `I would die and go to hell if it's a Ponzi scheme,' says Texan cricket moghul Stanford - Apr 07, 2009
- US billionaire Allen Stanford arrested - Jun 19, 2009
- Cricket billionaire Stanford charged with 21 criminal offences in 'Ponzi' scam - Jun 20, 2009
- Texan cricket tycoon Stanfords attempt to leave US aborted - Feb 19, 2009
- Libya rejected offers to invest with Bernie Madoff, Allen Stanford: WikiLeaks - Feb 24, 2011
- Fraud charges against Stanford put ECB in crisis - Feb 18, 2009
Tags: antigua and barbuda, bank ltd, caribbean country, caribbean nation, certificates of deposits, cricket, disrepute, fbi, financial institutions, governor general, honour, honours, knighthood, local authorities, mogul, offshore bank, prestige, stanford, telegraph, tycoon