Sir Allen Stanford charged over $8bn fraud

[Highlander999]

Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn (?5.6bn) investment fraud, US financial regulators say.

The Securities and Exchange Commission said the businessman, had orchestrated "a fraudulent, multi-billion dollar investment scheme".

US investigators earlier entered the Stanford Financial Group Texas office.

The England and Wales Cricket Board has suspended negotiations with Sir Allen Stanford over a new sponsorship deal.

BBC NEWS | World | Americas | US tycoon charged over $8bn fraud

BBC SPORT | Cricket | England | ECB suspends talks with Stanford

 

[Themer]

Read this before from a link from Barmy I think.

I was quite shocked to be honest and I guess this is the end of the Stanford 20 for 20 if he is guilty which is hardly a bad thing.

 

[Highlander999]

I think it is Giles Clark on TMS. He is really struggling to answer the questions.

 

[Leggie]

Just read this on Cricinfo. At least this will help the English players to concentrate on country rather than money.

 

[King Pietersen]

Hes pulled out of Twenty20 for 20 anyway hasn't he?

 

[mukund_nadkarni]

That must have been a nightmare...phew! It's now over though.

 

[Themer]

I like his Buisness motto "Hard Work, Clear Vision. Value for the Client"

 

[Kev]

Not bothered by what it'll do to T20 for 20 (or any slightly different guise of it). My concern is what it'll do for Domestic cricket in the Windies. WICB has next to no cash, virtually no sponsorship and now a lot of upset England fans requiring compensation. Cricket in the Windies needs all the help it can get. Not to mention Stanford is one of the biggest employers in Antigua. Don't like the man but don't want to see West Indies cricket suffer. Maybe the Americans will feed him to the penguins?

 

[angryangy]

Stanford's domestic competition was a good idea, but probably lacked a bit of potency. The standard of batting wasn't all that hot. The Caribbean really needs a reason to get a few exciting players from around the world into the region to stimulate the game.

 

[King Cricket]

Another Lalit Modi..:

 

[ZoraxDoom]

I wish Lalit Modi got charged with Fraud Beh, the Government probably would catch him on it anyways...


I read this on Cricinfo.


Sad for WI, but I'm just so glad that the man who was supposed to turn cricket on its head and bring a new brash era where it was all money and T20 and shameful displays by the players was found to be a fraud! Might sound a bit idiotic, but Cricket is saved! w00t!

 

[ZexyZahid]

I saw this news and this news has quite an impact. Especially on cricket. I hope Stanford's company aren't involved with fraud after all, but SEC usually doesn't raid in offices. There must be a serious reason for them to raid into offices.

 

[Ollie_H]

Quality comment from a friend last night who after hearing this story said

'You would have thought he could have made it less obvious and made it like $7bn'!

 

[aus_maestro]

You could tell this guy was shady just by observing his behaviour, moustache didnt help either.

 

[smssia0112]

He's a Texan billionaire, hardly surprising that he stole a bit of money. It'll be good for cricket to have him out of the picture, not that it will change much regarding money and Twenty20.