Stanford investors sue Antigua, Eastern Caribbean Central Bank

DALLAS, Texas, CMC – A group of former investors of the Antigua-based Stanford International Bank (SIB) has filed a civil lawsuit here against Antigua and Barbuda and the Eastern Caribbean Central Bank (ECCB), claiming that they aided jailed Texas billionaire Allen Stanford in his massive US$7 billion Ponzi scheme. The former investors, calling themselves the Official Stanford Investors Committee, are seeking repayment of at least US$90 million in loans that Stanford allegedly made to Antigua and Barbuda. “Antigua knowingly provided necessary assistance to Stanford’s US$7 billion Ponzi scheme and, in exchange, received millions of dollars in loans whose repayment terms Stanford did not enforce,” the committee alleged in a complaint filed in Dallas federal district court.