From The BBC:
Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a bn (£5.6bn) investment fraud, US financial regulators say.
The Securities and Exchange Commission said the financier had orchestrated “a fraudulent, multi-billion dollar investment scheme”.
The SEC said the fraud was “based on false promises and fabricated historical return data”.
English cricket bosses have pulled out of sponsorship talks with Sir Allen.
The charges against Sir Allen, three of his companies and two executives of those companies followed a raid by US marshals on the Houston, Texas, offices of Stanford Financial Group.
A US judge has frozen the assets of Sir Allen and the other defendants as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB) and another subsidiary, investment advisor Stanford Capital Management.
A receiver has been appointed to “preserve assets for investors”, the SEC said.
Sir Allen last year prom…