Sir Allen Stanford with the Stanford Superstars cricket team
America's main financial regulator, the SEC, says it's uncovered a fraud of "shocking magnitute" involving the Texan billionaire and cricket promoter Sir Allen Stanford.
He is alleged by the SEC to have taken over $8bn from people by promising them great returns by investing in Stanford International Bank, a bank he ran from his home in the Caribbean.
In fact, it was the largest bank in the region and helped to bankroll lavish cricket tournaments that attracted the world's top players.
The alleged fraud has embarrassed the England and Wales Cricket Board, which was in talks with Sir Allen about a new sponsorship deal.
As Tim Jenkins reports, it has led to a feeling of shock and dismay in the sporting world, especially on the Caribbean island of Antigua.
Listen Hear Tim Jenkins's report (3 mins 21 secs)
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First broadcast on World Business News on 18 February 2008
