GO
Loading...

Stanford Makes Calls to Antigua to Gain Support

Accused fraudster and Texas billionaire Allen Stanford has been making calls to his Caribbean base of Antigua to try and gain support and allies, CNBC has learned.

R. Allen Stanford
R. Allen Stanford

The Antiguan Parliament will convene an emergency session Thursday to seize some 250 acres of Stanford's property in Antigua.

Stanford, head of Stanford Financial Group, was charged with orchestrating an $8 billion fraud. He attempted to get a one-way flight out of the country to Antigua, where his offshore banking operations are based.

Of the money Stanford allegedly swindled, as much as $1.5 billion belonged to U.S. investors, who recouped most of their investments through redemptions that began to pour in following the Bernie Madoff Ponzi scheme.

Stanford has been telling people in Antigua he has the funds to cover his clients' requests, and he believes the U.S. investigations of his business will subside after the Antiguan elections on March 12—when Stanford believes Antiguan Prime Minister Baldwin Spencer will be voted out of office. At that point, Spencer says, he will continue his financial investments in Antigua.

Among the people Stanford has called, reportedly, is the Antiguan Finance Minister, who did not take his calls.

The Finance Minister is also Stanford's attorney in Antigua, on retainer for 25-thousand dollars a month.

Banks