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Stanford Financial: a sticky wicket for investors?

Donna Carson/Reuters

(Read caption) A Stanford Financial Group customer was turned away at the company's Houston office Feb. 17. US authorities have charged the company's owner, Texas billionaire Allen Stanford, with "massive ongoing fraud."

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Everything was not quite “cricket” at Stanford Financial, which was shut down on Tuesday by the US Securities and Exchange Commission, which alleges a “massive” fraud over $8 billion in certificates of deposit.

Stanford Financial’s founder, Sir Robert Allen Stanford, a Houston billionaire, is well-known in cricket circles where he had sponsored a $20 million winner-take all tournament in Antigua. He was in the process of negotiating more cricket deals with the England and Wales Cricket Board and the West Indies Cricket Board when the US government raided his offices.

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