Allen Stanford, the former Texas billionaire, charged with master minding a $7 billion Ponzi scheme, could soon be stripped of his knighthood.
Known as “Sir Allen” in Antigua and the rest of the Caribbean, the Antigua and Barbuda National Honors committee is recommending that this title be revoked. Chairman of the Committee, Jacqui Quinn-Leandro, Minister of Labor, Public Administration and Empowerment, has written to the island’s Governor General Dame Louise Lake-Tack requesting the approval.
Allen Stanford was bestowed this knighthood in 2006 after he became a citizen of Antigua and poured millions of dollars into the island’s economy.
Earlier this year, Stanford was charged with defrauding thousands of investors using Stanford International Bank.
Also, Florida’s state regulators granted Stanford huge powers that allowed his Miami operation to bypass regulators. After opening Stanford Fiduciary Investor Services in 1998, Stanford was granted permission to offer Certificates of Deposits to the tune of hundreds of millions and in turn transfer the proceeds to the island of Antigua, without allowing regulators to check for fraud.
Standford sits in a Texas jail awaiting trial. He has maintained his innocence.
