Allen Stanford Scandal - A Real Shock For Cricket And Every One

Allen Stanford, who is considered as one of the biggest sponsors of cricket has now been alleged against a charge of fraud and the appeal against him was entered by The Securities and Exchange Commission (SEC).

SEC has entered an appeal in the court of Antigua. The Regional Director of Securities and Exchange Commission said in a press conference that we an only tells you that a fraud has been found and its magnitude are just shocking or you can say unbelievable. SEC has also requested to a district judge to impose a restraining order on the assets and on the operation of the company as well. And yesterday the court has also gave an approval on this request of The Securities and Exchange Commission and put a temporary ban on the operation of the Stanford Group of Companies.

The main allegation that is imposed on the Stanford an on his relatives, who are business partner with him, is that they have issued subpoenas for banks and most of them failed to prove themselves correct. As they have no evidence or documents which prove them true. Stanford group, itself, as more then thirty thousand clients and if we total the investments of those clients then it would be approximately of US Fifty Billion dollars. So from these figures you can imagine that how much big this scandal could be.

The bank has claimed that the return of CDs which was given by Stanford is much higher and that is just because of its good quality investments. But the thing which is missing is that those investments have nothing with them like they are like fake investments. So if Stanford declared as guilty then many cricket series could be in danger as it is the major sponsor of cricket. A huge number of matches have been conducted under the sponsorship of Stanford so it could be the cause of major loss to many countries.

This investigation not only put impact on the cricket but it has also spread panic inside the financial market of USA. This is also a reason due to which people are getting worried and having panic among them. As in USA, Bernard L.Madoff case was also held in USA so that also give strengths to the rumors that USA financial crises are getting severe and severe.

Bernard case was remained uninvestigated and the reason behind that was just to control the economy of USA so that the Government can save their economy from any bad impact. But after that Stanford came comes into the eyes and once again Government has to think seriously that what kind of steps they have to take to prevent themselves from such kind of incidents. On the other hand Cricket boards also have to think seriously about the back up sponsor of Stanford. Because if Stanford declared as guilty then Cricket Board has to take some serious steps to save them selves from any kind of financial loss.

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Source: ScoresPro.com