Billionaire Stanford tracked down

Billionaire Stanford tracked down

Bank of Antigua

The Bank of Antigua has warned of a liquidity crisis due to the fraud scandal

The Federal Bureau of Investigation has served Texan billionaire and cricket promoter Sir Allen Stanford with court papers related to charges that he was involved with an $8bn securities fraud.

The move has come at the behest of the American financial regulator, the Securities and Exchange Commission.

Meanwhile, US, Latin American and European authorities have widened investigations into his far-flung financial empire.

It is now clear that his activities, in the Caribbean especially, have been attracting the interest of the authorities for some years.

The BBC's Greg Wood is in Antigua where Allen Stanford is the biggest employer - gauging reaction to the unfolding financial drama. Not surprisingly, many are wondering where their money has gone.

Listen Listen to Greg Wood's report from Antigua (2 mins 40 secs)

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First broadcast on World Business News on 19 February 2009