Sir Allen Stanford has been charged with a multi-billion dollar fraud in the United States.
Stanford and all his financial companies have had their assets frozen, with a receiver also being appointed.
The ECB have also suspended sponsorship negotiations as a result of the allegations.
The US Securities and Exchange Commission (SEC) has charged the Stanford Financial Group with a 'massive ongoing fraud', totalling $8 billion, through his off-shore bank based in Antigua.
Police officers and SEC officials entered the offices of the Texan billionaire in Houston after filing a complaint in federal court in Dallas.
Stanford, chief of the Stanford Financial Group, has been charged alongside Stanford International Bank chief financial officer James Davis and Laura Pendergest-Holt, chief investment officer of Stanford Financial Group.
The ECB have also suspended sponsorship negotiations as a result of the allegations.
The US Securities and Exchange Commission (SEC) has charged the Stanford Financial Group with a 'massive ongoing fraud', totalling $8 billion, through his off-shore bank based in Antigua.
Police officers and SEC officials entered the offices of the Texan billionaire in Houston after filing a complaint in federal court in Dallas.
Stanford, chief of the Stanford Financial Group, has been charged alongside Stanford International Bank chief financial officer James Davis and Laura Pendergest-Holt, chief investment officer of Stanford Financial Group.
Complaint
"As we allege in our complaint, Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors," the SEC's Linda Chatman Thomsen said in a statement.
"We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors."
Stanford's business operations have been the subject of some controversy in recent weeks, and the allegations now surround $8 billion worth of certificates of deposits sold to investors through the Antigua bank.
The SEC say unfeasibly high return rates were promised by the Stanford International Bank, alleging: "These rates were supposedly earned through SIB's unique investment strategy, which purportedly allowed the bank to achieve double-digit returns on its investments for the past 15 years."
"We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors."
Stanford's business operations have been the subject of some controversy in recent weeks, and the allegations now surround $8 billion worth of certificates of deposits sold to investors through the Antigua bank.
The SEC say unfeasibly high return rates were promised by the Stanford International Bank, alleging: "These rates were supposedly earned through SIB's unique investment strategy, which purportedly allowed the bank to achieve double-digit returns on its investments for the past 15 years."
England Future
Following the charges, the ECB have suspended their negotiations with the billionaire about possible future sponsorship.
"Following allegations made today (Tuesday) by the US Securities and Exchange Commission and their decision to apply for a temporary restraining order which was filed in a Dallas/Fort Worth court, the England and Wales Cricket Board and the West Indies Cricket Board have suspended negotiations with Sir Allen Stanford and his financial corporation concerning a new sponsorship deal," said an ECB statement.
Stanford famously bank-rolled the $20 million match between a West Indian team and England in Antigua last year, and was interested in backing the English Premier League.
"Following allegations made today (Tuesday) by the US Securities and Exchange Commission and their decision to apply for a temporary restraining order which was filed in a Dallas/Fort Worth court, the England and Wales Cricket Board and the West Indies Cricket Board have suspended negotiations with Sir Allen Stanford and his financial corporation concerning a new sponsorship deal," said an ECB statement.
Stanford famously bank-rolled the $20 million match between a West Indian team and England in Antigua last year, and was interested in backing the English Premier League.
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