8 Billion dollars US dollar fraud by US banker, Allen Stanford. The scam is broadly perceived as Allen Stanford taking the ill-regulated offshore banking sector in Antigua.
Stanford financial group has purportedly offered 8 Billion US dollar worth of certificates of deposits that stated unreasonably high rate of interest. CAS Hewlett, Antigua-based accountancy firm could be the auditor. However, the where-about with the chief executive is unidentified.
CAS Hewlett gave unqualified audit opinion for the statutory account of Stanford.
Nonetheless, what regulators concern will be the representation with the bank, as quoted under:
'The defendants have misconstrued to CD purchasers that their deposits are protected, falsely claiming that the bank re-invests client funds mostly in 'liquid' financial instruments (the portfolio); monitors the portfolio by way of a group of 20-plus analysts; and is topic to yearly audits by Antigua regulators.'
