Sir Allen Stanford expects to be indicted shortly

07-04-2009

Sir Allen Stanford expects to be indicted shortly
The Texan billionaire Sir Allen Stanford has said in a TV interview he expects to be indicted within the next fortnight.

During an interview with the ABC, Stanford also denied running an $8 billion Ponzi fraud scheme.

The US television network alleges the Texan cried during the interview and comprehensively denied being involved in the fraud.

"I would die and go to hell if it's a Ponzi scheme. Baloney. Baloney. It's not a Ponzi scheme. If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?" he said.

Stanford is accused of running a scheme, whereby early investors are paid returns from funds with later investors.

On Monday, on the request of the US government, a UK court froze more than $100 million (£67 million) of assets belonging to Stanford International Bank (SIB), an Antigua-based financial group controlled by the Texan billionaire.

Stanford hit the headlines last year when he arranged a one-off tournament involving England and a West Indies all star team.

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