Stanford to lose island knighthood

ST. JOHN’S, Antigua — Disgraced Texas financier R. Allen Stanford is being stripped of his knighthood in the Caribbean nation of Antigua and Barbuda, the head of the government panel that approves the awards said Monday.
The National Honors Committee voted unanimously to revoke Stanford’s title for embarrassing the nation by running an alleged Ponzi scheme out of his Antigua-based offshore bank, Chairwoman Jacqui Quinn-Leandro said.
Stanford, once a benefactor of the Antiguan government, is in jail in Texas awaiting charges for allegedly defrauding some 28,000 investors out of $7.2 billion by selling them what U.S. authorities say were bogus certificates of deposits.
“It’s not that we’re saying he’s guilty, but it’s the honor that has been brought into disrepute,” said Quinn-Leandro, also a member of Parliament.
Stanford received his knighthood in 2006 from the governor general — the representative of Queen Elizabeth II in the country — and was widely known as “Sir Allen” in the Caribbean nation. Critics have alleged he used the title’s prestige to help lure investors to buy CDs from his offshore bank while promising rates of return that were consistently higher than most financial institutions.

The Associated Press