Sir Allen Stanford's Knighthood Revoked

St. John's - Antigua & Barbuda - Mr. Allen Stanford is today in the news yet again, because he has loss knighthood which was reversed by the Antiguan authorities.

On April 1st, 2010, the imprisoned financier's Knighthood was rescinded, after Governor General Dame Louise Lake-Tack signed the order revoking his knighthood. Mr. Stanford has not received official word of this revocation, but is expected to be informed within the coming week. This was confirmed by Attorney General Justin Simon.

Allen Stanford who was a leading benefactor, promoter, employer in Antigua and Barbuda, was Knighted by the country in 2006. Stanford was knighted on the recommendation of members of the main opposition Antigua Labour Party.

In early February 2009, reports surfaced that the Stanford's company, Stanford Financial Group, was being investigated because the Stanford International Bank had managed consistently to make higher-than-market returns to its depositors.

The Securities and Exchange Commission charged Allen Stanford with "massive ongoing fraud" centred on an eight-billion-dollar investment scheme.

Because of this allege Ponzi scheme, the Government of Antigua & Barbuda, began to experience backlashes, because Allen Stanford had invested heavily in that country.

In Antigua and Bermuda in October 2009, the National Honors Committee of Antigua and Barbuda voted unanimously to strip Stanford of his knighthood, and informed the prime minister of this decision on October 26. On Monday November 2, 2009 the recommendation was forwarded to the Governor General who then ratified it.

This might be in an effort by the Antigua and Bermuda government to distance itself from Mr. Allen Stanford, as frustrated Stanford investors are attempting to blacklist Antigua & Barbuda, with a guilt-by-association charge.

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