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Tuesday, February 17, 2009
Antigua-based Texan billionaire, Sir Allen Stanford, has sought to calm employees and investors worried about a United States (US) probe into his investment firm Stanford Group and Stanford International Bank.
The SEC investigates alleged corporate crimes that can lead to criminal prosecutions. They are investigating the Stanford Group after subpoenas were issued to two former employees asking for information about sales by Stanford's offshore bank.
In spite of the economic turmoil, Stanford International Bank, which is headquartered in Antigua, said its deposits grew from US$624 million in 1999 to US$8.4 billion in December, 2008. While Standford did acknowledge the probe he blamed disgruntled former employees for making complaints to US investigators.
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