Stanford's Other Mess: Cricket

(NEWSER) - Alleged fraudster R. Allen Stanford may not have been a household name before the SEC accused him of skullduggery yesterday, but not because he’s been keeping a low profile. Calling himself “Sir” Allen Stanford ever since he was knighted in Antigua in 2006, the colorful financier is the world’s 605th richest man, with $2.2 billion in assets and six private jets. He's thrown that wealth around as a high-profile sports sponsor and political patron, the Wall Street Journal reports. More»

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

(NEWSER) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the regulator called him "Big Brother," reports the New York Times. Stanford later gave the regulator Super Bowl tickets and deposited bribes into his Swiss bank account, according to a witness. More»

'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»

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»