MORE than $100m (£60m) of funds believed to be connected to cricket entrepreneur Sir Allen Stanford’s alleged investment fraud have been seized in UK banks, it was revealed last night.
The Serious Fraud Office (SFO) said it had frozen the assets held by “certain London financial institutions” earlier this year, after a request by the US Department of Justice.
The 59-year-old billionaire is currently on bail awaiting trial for the suspected $7bn (£4.2bn) investment fraud.
He is due to find out today if he is to remain free ahead of the trial, after prosecutors yesterday tried to revoke bail.
The SFO froze the funds in April after obtaining a restraining order that will see the cash held pending the outcome of the proceedings in the US.
There had been speculation that Stanford was poised to launch a UK arm of his global financial empire just months before he was charged with master- minding a massive ponzi scheme.
Stanford last week pleaded not guilty.
