SFO freezes $100m of Stanford assets

Serious Fraud Office (SFO) freezes $100 million of assets linked Texan billionaire Sir Allen Stanford
Serious Fraud Office (SFO) freezes $100 million of assets linked Texan billionaire Sir Allen Stanford
 

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The Serious Fraud Office (SFO) has announced it has obtained a restraining order on over $100 million (£60 million) of assets linked to Texan billionaire Sir Allen Stanford.

The cricket tycoon recently handed himself into US authorities over a series of charges related to alleged fraud worth $8 billion (£6 billion).

A statement from the SFO today said the restraining order had been obtained following a formal request from the US department of justice.

The $100 million is believed to be held at certain London financial institutions and is alleged to be linked to the suspected fraud scheme.

Commenting on the news, SFO director Richard Alderman said: "I am delighted that the SFO has been able to secure a freezing order of this magnitude and within five hours of it being requested.

"I am determined that supporting our US counterparts in this way becomes a routine example of cross-border cooperation."

The assets will be frozen pending the outcome of criminal proceedings being brought against Stanford in the US.

The 59-year-old appeared in court earlier this month where he pleaded not guilty to fraud, conspiracy and obstruction.


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