Cricket patron billionaire’s firm under US regulator probe

July 5th, 2008 - 7:31 pm ICT by IANS  

London, July 5 (IANS) Texan billionaire Allen Stanford, who is pumping $20 million to hold a one-off Twenty20 match of All Star West Indies team against England, is reportedly at the centre of a possible investigation by the US Securities and Exchange Commission (SEC). According to The Daily Telegraph, the SEC have subpoenaed two former Stanford employees asking for information about sales made by his offshore bank. Stanford’s spokesman however have denied the reports.

There is no evidence of a crime been committed and the England and Wales Cricket Board (ECB) are fully confident this affair will not have any impact on their dealings with Stanford.

The SEC, on their part have refused to comment over the issue, the report said.

But Stanford’s image could suffer. He recently donated $2.5 million to help the restoration of a house that belonged to the founder of Stanford University, a man he claims is a distant relative. But the university denied knowledge of any relationship between Allen and Leland Stanford.

The news is likely to boost talks of ECB being impetuous in taking aid from a Texan businessman.

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