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Cricket mogul Stanford to be stripped of knighthood over Ponzi scam | 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. Stanford
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 monitor Stanford International Bank
Ltd., and profited from the alleged fraud. |
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