19 Feb 2009

Texan billionaire reported to have tried to flee US

11:30 pm on 19 February 2009

The West Indies cricket benefactor Sir Allen Stanford has tried to flee the United States on a private plane but his credit card was turned down.

The Texan billionaire is facing fraud charges in the United States for selling almost 16 billion dollars worth of securities by promising "improbable and unsubstantiated returns".

The demise of Stanford is set to hit cricket in the Caribbean the hardest, with the impoverished sport likely to lose out at all levels in the West Indies, and especially at the grass roots.

The West Indies Cricket Board is considering what could be severe financial repercussions after their major benefactor was charged by US regulators.

The England and Wales Cricket Board has suspended its dealings with Stanford, who denies any wrongdoing.

While that investigation continues, the Texan's assets have been frozen and a receiver appointed to take possession of his assets and business interests.