Allen Stanford is today in the news yet again, because his knighthood was reversed by the Antiguan authorities. On April 1, the imprisoned financier's knighthood was rescinded, after Governor General Dame Louise Lake-Tack signed the order revoking his knighthood. 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. 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 United States Securities and Exchange Commission charged Stanford with "massive ongoing fraud" centred on an US$8 billion investment scheme. Due to 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 Honours 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 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 Stanford, as frustrated Stanford investors are attempting to blacklist Antigua & Barbuda, with a guilt-by-association charge. (Trivester.com)
...Requests new attorneys
Attorneys representing jailed Texas financier R Allen Stanford continue falling by the wayside as he awaits trial on charges he bilked investors out of US$7 billion as part of a massive Ponzi scheme. In a motion filed last week Tuesday in federal court, Stanford is again asking for new attorneys, his fourth set of lawyers in less than a year. Kent Schaffer, who along with George Secrest currently represent Stanford, said they are more than happy to step aside because there was tremendous conflict between them and Stanford over how the case should be tried. "Mr Secrest and I believe our strategy in trying the case is important," Schaffer said. "Mr Stanford has his own ideas. We're happy he's found lawyers who want to do it the way he wants to do it." Schaffer said the change "feels sort of like Christmas in March." Stanford is asking to now be represented by Houston-based attorneys Michael Essmyer and Bob Bennett. (Startribune.com)