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Stanford's funds frozen

Published on 1 Jul 2009 under category: legal

Authorities in the UK have frozen tens of millions of pounds of a Texan billionaire's money due to links to fraud crimes.

The Serious Fraud Office (SFO) has taken the action on Sir Allen Stanford's funds.

Sir Allen is currently facing charges of investment fraud crimes worth $7 billion (£4.2 billion) in the US.

The cricket promoter has pleaded not guilty to all charges put before him, which include securities fraud.

Authorities froze around $100 billion of the Texan's money, which it revealed was held at financial institutions in London.

Richard Alderman, director of the SFO, commented: "I am determined that supporting our US counterparts in this way becomes a routine example of cross-border cooperation."

In other news involving fraud crimes, earlier this week Bernard Madoff was sentenced to 150 years in prison after pleading guilty to eleven charges, including those linked to him being behind a multi-billion dollar Ponzi scheme.