Stanford Bank group hit by panic withdrawals in the Caribbean

Panic bank account withdrawals have hit the Caribbean islands as several thousands islanders cue to withdraw their savings from banks owned by the Standford Group. This follows a multi-billion investments and sales fraud charge by the US Securities and Exchange Commission against the owner of Stanford Group, Allen Stanford. The US $8 billion plus fraud was reportedly committed through the group’s Antigua branch. According to CNN, Allen Stanford who was named last September as the 205th richest person in the US has revelled in the high life and sponsored high stakes cricket matches in the Caribbean.