Cricket mogul Stanford to be stripped of knighthood over Ponzi scam
London, Nov. 3 (ANI): Texan cricket tycoon Allen Stanford who is being investigated by the FBI for running a 7 billion dollar Ponzi scheme, will be stripped of his knighthood in Antigua and Barbuda.
The Telegraph quoted Jacqui Quinn-Leandro, the chairman of the Caribbean country’s National Honours Committee, as saying that the nation voted unanimously to revoke his title for “embarrassing the nation” by running the scheme out of his Antigua-based offshore bank.
“It’s not that we’re saying he’s guilty, but it’s the honour that has been brought into disrepute,” Quinn-Leandro added.
Stanford is in jail in Texas awaiting charges for allegedly defrauding some 28,000 investors by selling them bogus certificates of deposits. tanford received his knighthood in 2006 from the governor general – the representative of the Queen in the country – and was widely known as “Sir Allen” in the Caribbean nation.
It has been alleged that Stanford used the title’s prestige to help lure investors to buy certificates of deposits from his offshore bank while promising rates of return that were consistently higher than most financial institutions.
A group of investors has also filed a lawsuit against Antigua and Barbuda alleging that local authorities failed to adequately onitor Stanford International Bank Ltd., and profited from the alleged fraud. (ANI)
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Now all Antigua have to do is give back the property they have stolen from the Stanford victims, or make a fair and honest payment to recompense them, make sure ALL of the government officials that were complicit in helping Allen Stanford perpetuate his crime and cover up what he was doing, are charged and brought to justice, their properties and assets seized and handed over to the receiver so that these funds can also go back to the victims and then….and only then, will the rest of the world start to judge the present government as being honest and start to have some respect for them. Until all the above is done, they are as morally bankrupt as Allen Stanford and just as dishonest.