Baldwin Spencer Antigua's prime minister's comments on Allen Stanford

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   Baldwin Spencer Antigua's prime minister's comments on Allen Stanford - Baldwin Spencer, said the case had "profound, serious implications" for Antigua and Barbuda and its fallout threatens "catastrophic and immediate consequences". The government, he said, was putting in place a contingency plan and there was no need to panic.

   
   

   Earlier on Tuesday the SEC had filed a complaint in federal court in Dallas accusing Stanford, the head of the Stanford Financial Group, of fraud in the sale of about US$8 billion of high-yielding certificates of deposit held in the firm's bank in Antigua. James M. Davis, a director and chief financial officer of Stanford Group, was also arrested.

   
   

   The SEC said it could not account for the US$8 billion in assets that were housed in the Antigua bank after issuing subpoenas for bank records and to various witnesses. Most of those subpoenaed, including Davis and Stanford, failed to testify or produce documents relating to the assets. The group as a whole has 30,000 clients and investments totaling around US$50 billion. 

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