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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.
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Title Annotation:ANTIGUA & BARBUDA
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:1U7TX
Date:Dec 1, 2009
Words:147
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