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| Version 1 | Version 2 |
|---|---|
| US tycoon charged over $8bn fraud | US tycoon charged over $8bn fraud |
| (10 minutes later) | |
| Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn investment fraud, US financial regulators say. | Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn investment fraud, US financial regulators say. |
| The Securities and Exchange Commission said the businessman, had orchestrated "a fraudulent, multi-billion dollar investment scheme". | The Securities and Exchange Commission said the businessman, had orchestrated "a fraudulent, multi-billion dollar investment scheme". |
| US investigators earlier entered the Stanford Financial Group Texas office. | US investigators earlier entered the Stanford Financial Group Texas office. |
| The SEC said the fraud was "based on false promises and fabricated historical return data". | The SEC said the fraud was "based on false promises and fabricated historical return data". |
| Three of Sir Allen's companies have been charged as well as several executives of the companies. | |
| A US judge has also frozen the assets of Sir Allen and the other defendants as well as those of the Antigua-based Stanford International Bank, the Texas-based investment firm Stanford Group and investment advisor Stanford Capital Management. | |
| Sir Allen is a cricket promoter behind the Stanford Series which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a $20m prize. | Sir Allen is a cricket promoter behind the Stanford Series which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a $20m prize. |
| The England and Wales Cricket Board has suspended sponsorship negotiations with Sir Allen following the fraud charges. |