Europeans Join Anti-Antigua Smear Campaign

As Antigua and Barbuda announced it would take action to counter the smear campaign launched by investors who lost money in Allen Stanford’s alleged US$8 billion fraud, a group of Europeans gave its support to the Americans and Latin Americans in their boycott calls. Read more of this post

Antigua Woes Deepened As Stanford’s Victims Racks Up Pressure

One motion is still awaiting a vote, but another resolution has been introduced in the US House of Representatives to pressure Antigua and Barbuda into cooperating with Allen Stanford’s jilted investors. Read more of this post

Stanford Investors Seek To Block Antigua’s IMF Loan

  As Antigua and Barbuda awaits final word from the International Monetary Fund (IMF) on a loan it says it needs, victims of the alleged Stanford fraud are trying to stop the twin-island nation from accessing any funds from the lending agency.

In its latest campaign against the island, the Stanford Victims Coalition (SVC), through lawyers from the New York firm Morgenstern & Blue LLC, has written to members of Congress to get help blocking any IMF loan.

Antigua and Barbuda recently held talks with the Washington-based institution and are close to a final deal, although the amount it would receive has not yet been finalised. Read more of this post

Allen Stanford Spits Up Blood in Court

R. Allen Stanford, the former billionaire accused of a $7 billion fraud, arrives at federal court in Houston wearing handcuffs and leg irons October 14, 2009. Stanfords status hearing begins on Wednesday. REUTERSBillionaire financier and cricket entrepreneur Sir Allen Stanford spat up blood in court after suffering a severe beating in a jailhouse brawl.

The tycoon is facing a 375-year prison sentence for allegedly masterminding a $7bn (£4.3bn) scam.

The 59-year-old, who denies fraud and money-laundering, removed the blood using tissues and a cup during a preliminary trial hearing in Houston, Texas.

Judge David Hittner interrupted the proceedings to ask Stanford’s lawyer Kent Schaffer: “Is your client okay?” Read more of this post

Prison-Beaten Standford Block From Accessing Insurance Funds

Disgraced financier Sir Allen Stanford has been blocked from trying to go through a court outside the United States to access his Lloyd’s of London liability insurance.

Attorneys acting on his behalf had made an application to a British court, seeking an emergency hearing in London to stop the US receiver Ralph Janvey from interfering with Lloyd’s payment of some fees to Stanford’s lawyers under the liability policy.

British attorney Simon Peter Kamstra, in a statement dated September 23rd , told the court that the US Securities and Exchange Commission and the UK’s Serious Fraud Office had no objection to Stanford obtaining legal defense funds through the Lloyd’s policy. Read more of this post

Antigua Delays Extradition In Stanford Fraud Case

A hearing on a U.S. extradition request for Antigua’s former financial regulator has been postponed until December.

The public prosecutor’s office says the hearing for Leroy King is delayed after defense lawyers requested more time to prepare.

King has been fired as Antigua’s top financial regulator for ties to an alleged $7 billions scheme to swindle investors by jailed Texas financier R. Allen Stanford. Read more of this post

Standford Investors Sue Antiguan Government

A group of R. Allen Stanford-run business investors sued the government of Antigua and Barbuda, claiming the Caribbean nation helped the financier engineer an alleged $7 billion fraud scheme.

In a lawsuit filed today in a U.S. Court in Houston, seven investors say the island government received money in exchange for helping the financier conceal the financial condition of the Antigua-based Stanford International Bank Ltd.

“Antigua is sovereign but not above the law,” the investors said in their complaint. “It became a full partner in Stanford’s fraud, and reaped enormous financial benefits from the scheme.” Read more of this post

Caribbean Second Ponzi Scheme By American Revealed

Details are emerging of how an American banker, accused of operating a multi-million dollar scheme which he fronted as the Millennium Bank of St Vincent and the Grenadines, spent the money he allegedly swindled from investors on expensive property and on the upkeep of his wife and mistresses.

Documents submitted by prosecutors show that William Wise, 58, did not make any investments with the money he received from investors.

Instead, it has been alleged, he used as much as US$7 million to buy an estate in the Caribbean island where the offshore bank was said to be based; spent US$1 million on wine; US$40,000 a month on interest for a private plane; paid US$12,000 weekly to his wife; and gave an unknown number of female companions between US$6,000 and US$10,000 every month. Read more of this post

Allen Stanford Was ‘US Government Informer’

The SEC complaint filed in federal court in Dallas, Texas, said that the SIB is operated by a close circle of Stanford's family and friends. Its investment committee, responsible for the management of the bank's multi-billion dollar portfolio of assets, is comprised of Sir Allen; his father who resides in Mexia, Texas; another Mexia resident with business experience in cattle ranching and car sales; Pendergest-Holt, who prior to joining SFG had no financial services or securities industry experience; and Davis, who was also Sir Allen's college roommate.(Photo:   A (BBC) Panorama investigation has suggested that Sir Allen was shielded from an earlier inquiry into his activities because he co-operated with a US Drug Enforcement Administration (DEA) attempt to track money laundering by Latin American drug cartels.

US officials closed down his banking activities in February, alleging a vast fraud centred on his Antigua-based offshore bank. Sir Allen, 59, previously most famous as the sponsor of the Twenty20 cricket tournament, has vowed to clear his name.

No criminal charges have yet been filed but the US Securities and Exchange Commission described his activities as a “massive Ponzi scheme”.

A former law enforcement official said in February that the FBI and other agencies started looking into Sir Allen’s possible involvement in money-laundering in the 1990s but could not find sufficient evidence to charge him. Read more of this post

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