Home > Great Britain > Yet another alleged major fraud!

Yet another alleged major fraud!

The world has hardly recovered from the schock of the Bernie Madoff ponzi scheme fraud that now we have another alleged major fraud with the personaiity of Sir Allen Stanford the multi billionaire who has business interest in the Caribbean, South America, it has even reached the heartlands of English cricket.

The US Securities & Exchange Commission has charged him with fraud to the extent of over £8 billion. This is now causing a major run on Stanford’s empire of banks. A little caution; whilst Bernie Madoff admitted his ponzi scheme fraud we must remember that Stanford has only been charged by the SEC and has yet to appear in court to defend himself; despite this, it doesn’t look good for him as it is alleged he tried to flee to Antigua. There are also a lot of embarrassed people at the England & Wales Cricket board

Sir Allen Stanford

Sir Allen Stanford

The Stanford Group is said to be worth $50 billion and Sir Allen Stanford is reported (Forbes Magazine) as being the 605th richest man in the world.

So we wait upon events to see if he can defend himself in court from the SEC’s charges.

I don’t know how or why he was knighted: can we assume his contribution like the foolish British bank chiefs but I would like many, like to see, if people are found guilty of bad business practices then they should be stripped of their knighthoods or lordships.

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