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| Version 9 | Version 10 |
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| US tycoon charged over $8bn fraud | US tycoon charged over $8bn fraud |
| (about 1 hour later) | |
| Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn (£5.6bn) investment fraud, US financial regulators say. | Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn (£5.6bn) investment fraud, US financial regulators say. |
| The Securities and Exchange Commission said the financier had orchestrated "a fraudulent, multi-billion dollar investment scheme". | The Securities and Exchange Commission said the financier had orchestrated "a fraudulent, multi-billion dollar investment scheme". |
| 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". |
| English cricket bosses have pulled out of sponsorship talks with Sir Allen. | English cricket bosses have pulled out of sponsorship talks with Sir Allen. |
| The charges against Sir Allen, three of his companies and two executives of those companies followed a raid by US marshals on the Houston, Texas, offices of Stanford Financial Group. | |
| We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world Rose Romero, SEC | We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world Rose Romero, SEC |
| A US judge has frozen the assets of Sir Allen and the other defendants as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB) and another subsidiary, investment advisor Stanford Capital Management. | A US judge has frozen the assets of Sir Allen and the other defendants as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB) and another subsidiary, investment advisor Stanford Capital Management. |
| A receiver has been appointed to "preserve assets for investors", the SEC said. | A receiver has been appointed to "preserve assets for investors", the SEC said. |
| 'Close circle' | 'Close circle' |
| Sir Allen last year promoted the Stanford cricket series which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a $20m prize. | Sir Allen last year promoted the Stanford cricket series which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a $20m prize. |
| US marshalls enter the Houston offices of Sir Allen Stanford | US marshalls enter the Houston offices of Sir Allen Stanford |
| The England and Wales Cricket Board (ECB) suspended sponsorship negotiations with him following the fraud charges. | The England and Wales Cricket Board (ECB) suspended sponsorship negotiations with him following the fraud charges. |
| The ECB has a five-year deal to play games against the Stanford Superstars. | The ECB has a five-year deal to play games against the Stanford Superstars. |
| The SEC said that the Stanford International Bank - the largest in the Caribbean - sold approximately $8bn worth of certificates of deposit to investors, promising "improbable and unsubstantiated high interest rates". | The SEC said that the Stanford International Bank - the largest in the Caribbean - sold approximately $8bn worth of certificates of deposit to investors, promising "improbable and unsubstantiated high interest rates". |
| The bank was "operated by a close circle of Stanford's family and friends", the SEC said in a statement. | The bank was "operated by a close circle of Stanford's family and friends", the SEC said in a statement. |
| "We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world," said Rose Romero of the SEC. | "We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world," said Rose Romero of the SEC. |
| The SEC began investigating Stanford Group last year and intensified their probe following the arrest of US financier Bernard Madoff in December over an alleged $50bn (£35bn) investment fraud. | The SEC began investigating Stanford Group last year and intensified their probe following the arrest of US financier Bernard Madoff in December over an alleged $50bn (£35bn) investment fraud. |
| In the wake of that scandal, SIB falsely told its investors it had no exposure to the funds involved in the alleged Madoff fraud. | In the wake of that scandal, SIB falsely told its investors it had no exposure to the funds involved in the alleged Madoff fraud. |
| The Stanford Group lists its worth as more than $40bn. Antigua and Barbuda granted Sir Allen citizenship about 10 years ago and knighted him in 2006. | The Stanford Group lists its worth as more than $40bn. Antigua and Barbuda granted Sir Allen citizenship about 10 years ago and knighted him in 2006. |
| Forbes magazine lists him as the world's 605th richest man, with assets of $2.2bn. | Forbes magazine lists him as the world's 605th richest man, with assets of $2.2bn. |