Allen Stanford is no April Fool’s joke. He and his company is the cause of Antiguans looking foolish (or wise, you decide) as they hurriedly withdrew their funds from the The Bank of Antigua a bank that Allen Standford controls. The Texas billionaire was charged with an $8 Billion fraud. People lined up for hours to get their money out even though the six nation Eastern Caribbean Central Bank advised. “DO NOT PANIC.”
It seems The Securities and Exchange Commission accused Stanford, a 58 year old tycoon and avide Cricket supported (see my prior post here http://ingao.com/2008/06/29/west-indian-cricketers-us1-million-incentive/ , of opperating an $8 Billion fraud involving CD’s (Certificates of Deposits)
Can I tell you I knew there was something ‘dirty’ about that man. Read my previous post and you will see my prediction. The fraud is attached to THREE of his companies, Stanford International Bank being one. Let’s face it, would you have any confidence in anything else his name is attached to right now?
All of Standford’s assets have been frozen. What does that mean for Antigua? Well, it could be “catastrophic” is what Baldwin Spencer, Antigua’s Prime Minister is saying. Standford held dual citizen ship with the United States and Antigua for over 20 years. He owns the counties largest News Paper and heads a local commercial bank. He is also the biggest private employer and is the first American to receive a knighthood from it’s government. Standford has homes throughout the region from Antigua, St. Croix to Miami.
Photo curtesy of www.guardian.co.uk