Who Is Sir Allen Stanford (Other Than $8B Scammer)?

'It appears to be a Ponzi scheme,' investigator says

(NEWSER) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a Ponzi scheme.” More»

(NEWSER) - Before he was charged with massive fraud, Sir Allen Stanford was often charged with an equally grievous offense: subverting the game of cricket. The Texan was among the sport’s deepest-pocketed fans, but the fast-paced Twenty20 tournaments he favored annoy purists. When Stanford put up $20 million in prize money for a winner-take-all match in Antigua—the most ever awarded for a cricket game—many cringed. More»

Account holders line up to withdraw money, despite assurances from PM

(NEWSER) - The SEC's allegations of fraud against R. Allen Stanford prompted concern on the tiny Caribbean island of Antigua, the base of the financier's bank. Despite reassurances from the prime minister, customers lined up at both branches of the Bank of Antigua to make withdrawals yesterday. Some seemed to emerge with money; others responded angrily when the main branch closed at 3pm, as normal. More»

$8B scammer's island junkets helped push anti-tax agenda

(NEWSER) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the Caribbean, where Stanford lives. Many of the legislators do have longstanding interests in the region and have reimbursed him. More»

Attorney 'disaffirmed' earlier statements

(NEWSER) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial entities. Thomas Sjoblom “disaffirmed” his comments to regulators days before they moved on Stanford. More»