ST. JOHN'S, Antigua (AP) - It's no longer "Sir" Allen Stanford.
The panel awards that approves candidates for knighthood in the Caribbean nation of Antigua and Barbuda has voted to rescind the honor granted to Texas financier R. Allen Stanford in 2006.
The chairwoman of the National Honors Committee says the panel voted unanimously to revoke Stanford's title. Jacqui Quinn-Leandro
Quinn-Leandro said Monday the panel took the action because of the
embarrassment Stanford caused the country with the alleged Ponzi
scheme he ran from his Antigua-based offshore bank.
The vote needs the signature of the governor general but that is considered a formality. The country has never before revoked such an award.
U.S. authorities accuse Stanford of leading a $7 billion Ponzi scheme by promising inflated returns to about 28,000 investors on certificates of deposits at his Antiguan bank. Stanford denies the allegations.