Stanford Linked To Mexican Drugs Cartel

Sir Allen Stanford, the Texan billionaire whose deal with the England and Wales Cricket Board is in tatters following charges of an alleged $8bn investment fraud, is now reportedly being investigated over possible links to a Mexican drugs cartel.

US media reports have claimed that Stanford is being investigated by the FBI over allegations of laundering money for the infamous Gulf cartel, a Mexican drug-peddling organisation.

Late last year, the FBI reportedly detained one of Stanford’s private jets as part of an ongoing investigation into the cartel.

The latest revelations regarding Stanford’s background come just a few days after the US Security and Exchanges Commission charged the Texan financier with an alleged $8bn fraud placed by investors with Stanford International Bank and two related firms.

Authorities say the SEC action against Stanford may have complicated the federal drug investigation although the latter however, did not stop Stanford from using corporate money to become a primary feature at last year’s Democratic convention in Denver.

Stanford’s whereabouts are currently unknown and he has failed to respond to the SEC’s charges.

The ECB has suspended all negotiations with the Texan billionaire leaving the future of the $100m five-year deal for the Stanford Series Twenty20 tournament in grave doubt. The inaugural competition was staged last year, for which the winners of the final match received $1m a man, but received fierce criticism with many observers labelling it ‘obscene’.

The situation with Stanford has seen calls for ECB chairman Giles Clarke to resign despite the governing body chief only recently winning re-election for a second term of office.

No criminal charges against Stanford have as yet been filed.