Antigua and Barbuda. Billionaire Allen Stanford, formerly
Antigua and Barbuda's largest private investor and employer,
was sentenced in June by a Texas court to 110 years in
prison for fraud. Stanford was convicted, among other
things, of cheating around $ 7 billion through a so-called
Ponzi fraud, where people were tricked into investing money
against high returns. The fraud took place through
Stanford's own bank.
countryaah, Stanford had been received with open arms when he came to
Antigua and Barbuda in the 1980s. The country was in dire
need of investment and Stanford soon became the country's
largest private employer, known for paying high salaries.
Among other things, he ran a bank and newspaper in the
country, but also spent large sums on luxury living and
English cricket. Stanford is from the United States, but was
also a citizen of Antigua and Barbuda, where he was so
appreciated that he was honored. He was stripped of the
nobility title after the arrest and fraud charges in 2009,
but many residents also felt after the revelations that
Stanford had done very well for the country.
Stanford's fraud hit Antigua and Barbuda even after the
verdict, when foreign investors demanded the state $ 24
billion in damages. The victims of the scams, which joined
together in one organization, also tried to get the
International Monetary Fund to stop their loans to Antigua
and Barbuda until the damages issues are resolved. Many
American politicians have been supported by the Stanford
Empire, including US President Barack Obama, who has since
said he will return the money or donate it to charity.