Allen Stanford Sentenced To 110 Years In Prison

Allen Stanford sentenced to 110 years in jail for a $7 billion Ponzi scheme (AFP/Getty Images/File, Dave Einsel)

Texan Allen Stanford was sentenced to 110 years in prison today. In what is regarded as one of the largest Ponzi schemes, Stanford operated from Antigua where he was able to procure a Knighthood.

Many of our islands rely on foreign investment and are therefore vulnerable oftentimes willing to compromise the future of our children when these ‘deep pockets’ come around. Let us learn from the former Sir Allen Stanford experience.

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Allen Stanford

Allen Stanford

Recent reports in the international press that former Chief Financial Officer James Davis has blown the whistle on former boss and Texan billionaire Allen Stanford, may have implication for how Barbados and other small Caribbean islands welcome foreigners in the future with deep pockets. The revelation by Davis that Stanford entered a pack with his inner circle of employees and prominent others to keep regulators at bay maybe the final nail in the coffin which sees the Knight donning prison garb very soon.

Until Allen Stanford’s free fall from the pinnacle of his financial empire based in Antigua, he was the man.  Nothing of any consequence seemed to have occurred in Antigua unless it was branded Stanford. His last business venture the 20/20 tournament was hugely popular and demonstrated that he was ahead of the WIBC in trying to popularize the shorten version of the cricket game. He owned financial entities, real estate and of note many important people in Antigua.

Sanford has not been found guilty yet but there is a lesson to be learned from what has unravelled so far. One man with money carry great influence in our small islands. Often times the lack of financial resources at a national and individual level creates the opportunity for our politicians and government officials to explore shortcuts when dealing with those with deep pockets.

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