Reuters: "ST. JOHN'S, Antigua (Reuters) - Antiguans expressed shock on Tuesday at news their top investor, Texas billionaire Allen Stanford, was charged with 'massive' fraud, and their prime minister said it could be 'catastrophic' for the nation.
'The fall-out threatens catastrophic and immediate consequences ... There is no need for panic,' Baldwin Spencer, the leader of the tiny twin-island state of Antigua and Barbuda said in a televised address.
On Tuesday, the U.S. Securities and Exchange Commission accused Stanford, a brash, 58-year-old financier and sports entrepreneur, of operating an $8 billion fraud centred around the sale of certificates of deposit offered by Stanford International Bank Ltd (SIB), his Antiguan affiliate."
'The fall-out threatens catastrophic and immediate consequences ... There is no need for panic,' Baldwin Spencer, the leader of the tiny twin-island state of Antigua and Barbuda said in a televised address.
On Tuesday, the U.S. Securities and Exchange Commission accused Stanford, a brash, 58-year-old financier and sports entrepreneur, of operating an $8 billion fraud centred around the sale of certificates of deposit offered by Stanford International Bank Ltd (SIB), his Antiguan affiliate."
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