Archive for U.K Chat A U.K General CHAT FORUM,For the people of the United kingdom, X-pats and friends
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lil eva
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Fraud charge Tycoon disappearsThe US financial authorities say they do not know the whereabouts of Sir Allen Stanford, the Texan billionaire accused of an $8bn (£5.6bn) fraud.
He has not been seen since Tuesday, when the Securities and Exchange Commission filed a civil case in court.
The SEC said Sir Allen and two other executives promised clients unrealistic returns on certificates of deposit.
Depositors in the US, the Caribbean and South America have queued to withdraw money from banks associated with him.
No criminal charges have yet been made.
In an e-mail to his employees last week, Sir Allen promised to help the SEC probe and vowed to "fight with every breath to continue to uphold our good name and continue the legacy we have built together".
The 58-year-old, who holds joint US-Antiguan citizenship, is a flamboyant figure who has links with prominent US politicians and sports stars.
He is the biggest private-sector employer on Antigua and Barbuda.
It suggests that there is a lot more financial shenanigans yet to appear worldwide.
Money does seem to be the root of an awful lot of evil.
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