Sir Allen Stanford is the CEO of Stanford Financial Group, a company that deals with insurance, real estate and wealth management.Times Online: Allen Stanford Banks on a Prosperous Future (October 18, 2008) He started the first Twenty20 cricket tournament in 2006, which gives a $20 million prize to the winning team.

On February 17, 2009, Stanford was charged with massive fraud, accused of operating an $8 billion scam on the sale of certificates of deposit offered by his bank in Antigua. Under investigation by the SEC since Summer 2008, Stanford is accused of promising "improbable and unsubstantiated" high returns.Daily Mail: Cricket tycoon Sir Allen Stanford charged over 'shocking' £5.6bn investment fraud (February 18, 2009) Reuters: Antigua in shock as Stanford charged with fraud (February 17, 2009) The SEC filed additional charges against Stanford and top Stanford Financial executives claiming they reverse-engineered records and accepted bribes.http://www.reuters.com/article/bondsNews/idUSN1944727720090619

The SEC alleges that the Stanford International Bank sold approximately $8 billion "certificates of deposit", promising a return of between 3.5%-7.45% returns. SIB claimed that they lost 1.3% on their investments, while Standard and Poor 500 lost 39% in the same period. The SEC says this data is fraudulent, and further SIB used the fraudulent data to grow their program and recruit financial advisers.Forbes: Billionaire Stanford Charged With Fraud (February 17, 2009)

Stanford had been under investigation by the SEC since Summer 2008, but, after the Bernard Madoff scandal broke, pressure intensified on the SEC and they charged Stanford on February 17, 2009. Although he told investors he had not been affected, Stanford lost $400,000 through indirect exposure to Madoff.Guardian: Last year he promised cricket a stack of cash. Last night he was facing disgrace (February 18, 2009)

When the SIB couldn't account for $8 billion, the SEC froze Stanford's assets, raided his offices in Houston and appointed a receiver.Newsday: Stanford Group, a Madoff investor, accused in fraud (February 17, 2009)

During the 2008 tournament, Stanford met some criticism when he was seen with his arm around a player's wife, and another player's wife on his lap. Stanford apologized to the players.Telegraph.co.uk: Sir Allen Stanford Apologises to Kevin Pietersen and England... (October 28, 2008)