SFO restrains $100m of Stanford assets

1 July 2009

The UK's Serious Fraud Office (SFO) has secured a restraining order on over $100 million worth of assets linked to Sir Allen Stanford, Stanford International Bank (SIB) and other entities believed to held in London-based financial institutions.

In a statement, the department said the order had been taken out following a formal request from the US Department of Justice (DoJ), which has charged the Texas-born financier with defrauding investors of around $7 billion.

The funds are thought to have been acquired as part of the alleged investment fraud and will remain frozen until the outcome of the criminal proceedings against Sir Allen has been decided.

Commenting on the action, SFO director Richard Alderman said: "I am delighted that the SFO has been able to secure a freezing order of this magnitude and within five hours of it being requested."

The DoJ's charges against Sir Allen include allegations that he misrepresented the growth of SIB's assets to sell certificates of deposits to investors and that he bribed the head of Antigua's banking regulator to ensure the institution was not accurately audited.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development