LONDON (AP) — The England and Wales Cricket Board severed ties Friday with Texas billionaire Allen Stanford, who is accused by U.S. regulators of a multibillion-dollar fraud.
The board said it is canceling all its contracts with Stanford and will not participate in events he planned to back.
Stanford funded a winner-take-all $20 million Twenty20 match, a shorter form of international cricket, between England and a West Indies all-star team in Antigua in November. It was the first of five planned annual games worth a total of $100 million.
The Securities and Exchange Commission on Tuesday accused Stanford, two other executives and three of his companies with committing an $8 billion fraud. The SEC says they lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments.
Copyright 2009 The Associated Press.