Sir Allen Stanford in court
- 00:00:45
- ITN
Sir Allen Stanford in court
Controversial cricket tycoon Sir Allen Stanford is due in court on £5.6 billion fraud charges. Stanford - the man behind last year's lucrative Twenty20 cricket contest between England and a team of West Indian all-stars - was charged in February by regulators in the US. According to Houston attorney Dick DeGuerin, Stanford surrendered to FBI agents parked outside a residence where he was staying. He is facing charges filed by the Securities and Exchange Commission (SEC) in a civil court, and as such had not been arrested previously. Stanford and other top executives at his Stanford Financial Group are accused of conducting fraud with a £4.9 billion certificates of deposit scheme, which promised "improbable and unsubstantiated" high returns. It is claimed that Stanford and his firms "misrepresented" to investors that their money was secure, falsely claiming the bank reinvested client funds primarily in "liquid" financial instruments and was monitored by a team of 20-plus analysts.
ITN | June 19, 2009
