Antigua is reeling from the news that Sir Allen Stanford has been charged over a massive fraud.

Antigua is reeling from the news that its single biggest private investor has been charged over a massive fraud. With off-shore and on-shore banking interests, the Texan billionaire Sir Allen Stanford was a prominent financial figure not just in Antigua but around the world. But his influence - as an employer, a sponsor, and a banker - could change dramatically as he faces charges by the US Securities and Exchange Commission over an alleged $8bn (£5.6bn) investment fraud. While the SEC described it as "fraud of shocking magnitude that has spread its tentacles throughout the world", some residents of Antigua's capital St John's were coping with the fallout a lot closer to home. People queued outside the Bank of Antigua branches - some to check their deposits were safe, while others were taking no chances and wanted to withdraw all their money. The Bank of Antigua is owned by the Stanford Financial Group, but is not part of the Antigua-based Stanford International Bank, nor the Stanford Group or investment advisor Stanford Capital Management - all of which have had their assets frozen.

Antigua is reeling from the news that Sir Allen Stanford has been charged over a massive fraud.

Antigua is reeling from the news that its single biggest private investor has been charged over a massive fraud. With off-shore and on-shore...

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