Stanford no longer "Sir".
Texas financier R. Allen Stanford is being stripped of his
knighthood in Antigua & Barbuda, reports AP (Nov. 2, 2009). The
National Honors Committee voted unanimously to revoke Stanford's
title for embarrassing the nation by running an alleged Ponzi scheme out
of his Antigua-based offshore bank, Chairwoman Jacqui Quinn-Leandro
said. Stanford, once a benefactor of the Antiguan government, is in jail
in Texas awaiting charges for allegedly defrauding some 28,000 investors
out of US$7 billion by selling them what U.S. authorities say were bogus
certificates of deposits. Stanford received his knighthood in 2006 from
the governor general - the representative of Queen Elizabeth II in the
country and was widely known here as "Sir Allen". Critics
allege he used the title's prestige to help lure investors to buy
CDs from his offshore bank while promising rates of return that were
consistently higher than most financial institutions.