Stanford faces £4.2bn fraud charge
Cricket entrepreneur and billionaire businessman Sir Allen Stanford has been charged in the US over an alleged 7 billion dollar (£4.2 billion) fraud.
The 59-year-old was indicted on fraud and obstruction charges alongside other executives of his firm, Stanford Financial Group, the US Justice Department announced.
The tycoon handed himself in to the FBI on the eve of Friday's court hearing.
Stanford already faces civil charges brought by US regulators over an allegedly fraudulent eight billion dollar (£4.8 billion) certificate of deposit scheme and a separate 1.2 billion dollar (£700 million) investment vehicle.
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