Billionaire Stanford faces fraud allegation
Cricket entrepreneur and billionaire businessman Sir Allen Stanford has been charged in the US over an alleged $7 billion (£4.2 billion) fraud.
The 59-year-old was indicted on fraud and obstruction charges alongside other executives of |his firm, Stanford Financial Group.
So far investigators have frozen about $300m in bank accounts in Britain, Switzerland and Canada, but have not been able to trace the other missing funds.
The indictment said that Mr Stanford made “regular secret corrupt payments of thousands of dollars in cash” to Leroy King, the former head of Antigua’s Financial Services Regulatory Commission, to ensure that he did not audit the bank’s finances, and filed false reports to US authorities. Prosecutors said that the pay-offs totalled “hundreds of thousands of dollars”.