Monday, February 16, 2009

The end of the Stanford era?

Looks like Allen Stanford is being targeted by the authorities in the US. Things are not looking pretty for him.
The Securities and Exchange Commission, the Financial Industry Regulatory Authority and the Federal Bureau of Investigations are looking into the eccentric money man for alleged fraud involving his Stanford International Bank, which claims to have $8.5 billion in assets and some 30,000 investors.

Sir Stanford--he was the first American to receive knighthood from the government of Antigua and is infamous for his efforts to revive West Indian cricket--has managed to report shockingly consistent returns for years. Even in 2008, when Wall Street was hit across the board, he managed to make a 6% profit on his portfolio.

Regardless of whether he remains involved, he certainly did inject life into cricket, especially Windies cricket. It remains to be seen whether he can continue in some capacity, or whether someone can pick up from where he left off.

Make your pitch on this post...



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4 Pitched:

  1. Tazeen said...
      This comment has been removed by the author.
  2. Sam_2 said...
     

    he is arrested per cricinfo.

  3. GoodCricketWicket said...
     

    What now for West Indies and ECB, with Stanford being charged? I fear we may only have scratched the surface with this one so far...

  4. Q said...
     

    The first cricket victim of the global recession?

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