Regulators take control of Stanford's bank

February 20, 2009 5:01:00 PM PST
Caribbean regulators have taken control of an Antiguan bank owned by Texas billionaire R. Allen Stanford. [SIGN UP: Get headlines and breaking news sent to you]

The Eastern Caribbean Central Bank says it acted to stop a run on deposits at the Bank of Antigua after civil fraud charges were filed against Stanford in the United States over the operations of a separate entity in Antigua, the Stanford International Bank.

Central Bank Governor Dwight Venner said Friday that the local bank's directors requested the takeover amid concern the bank could fail and disrupt the economy of the twin-island nation of Antigua and Barbuda.

Separately, Antigua's Financial Services Regulatory Commission appointed a British firm as a receiver of Stanford International Bank and Stanford Trust Company.

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