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Stanford effects ripple out


Stanford effects ripple out


The impact of a US fraud case against Texan billionaire Allen Stanford continues to spread. Governments throughout Latin America have seized or suspended local banks or brokerages owned by Stanford as depositors rushed to remove their money – either in person on online.

The authorities in Colombia, Ecuador, Peru, Panama and in Venezuela have moved. One Stanford customer waiting to withdraw her savings said: “The only information that I have is that the problem is with the owner of this bank, personal problems, but unfortunately it has affected the people who have money in the bank. We hope everything can be solved” Allen Stanford – who some have dubbed a mini Madoff – has been accused by the US authorities of “massive fraud” related to Stanford International Bank and his Texas based broker-dealer and investment companies. One report said an investigation has been launched into whether the flamboyant 58-year-old sports entrepreneur was involved in laundering Mexican drug money.

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