Were U.S. regulators monitoring Allen Stanford for 15 years?
The regulatory systems of the US and other leading countries around the world have today been called into question with speculation that the US authorities for one had been monitoring Allen Stanford for up to 15 years. While no formal charges have yet been issued against the billionaire businessman the US authorities appear to have lost track of him and his current whereabouts is unknown.
It has also emerged that some quarters of the US regulatory system have been watching Allen Stanford's investments closely for up to 15 years although no formal action has ever been taken. Amid accusations of a potentially massive fraud in the Caribbean, the US authorities are now very keen to question Mr Stanford and the situation has led to a run on Stanford banks around the world.
If it turns out that the US authorities, and potentially other authorities who communicate with the US, have been monitoring his businesses more closely than others over the last 15 years, why has it taken so long to act?
This is now a rather bizarre situation because the UK and worldwide press are full of stories about the investment returns, customers withdrawing their funds and other accusations but as yet no formal charges have been laid by the US authorities.
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