Stanford’s Finances Under Investigation

Following the concern that Sir Allen Stanford might be on the on the verge of pulling out his heft financial deal with the England and Wales Cricket Board, the billionaire’s investment bank has confirmed it was being investigated by US financial regulators.

The ECB has announced that it will keep a close eye on this latest development as their £11.4m five-year deal with the Texan mogul is currently under review.  

Stanford Financial Group had reportedly been visited by Financial Industry Regulatory Authority and officials from the Securities and Exchange Commission were also conducting their own investigation.

A spokesman for the Houston-based firm insisted that these were routine procedures and that it was in compliance with all financial regulations.

Though the ECB has yet to comment on the situation, there is speculation that it has delayed the announcement about the status of its future relationship with Stanford until after the current Test series.

However, the two are expected to reaffirm their commitment to a f our-team Twenty20 series in late May.