UNDATED (AP) _ Texas billionaire financier R. Allen Stanford is a larger-than-life figure in the Caribbean.
The Mexia, Texas, native has used his personal fortune estimated at $2.2 billion by Forbes magazine to bankroll public works and sports teams. He’s also become a major figure in U.S. politics, personally donating nearly a million dollars mostly to Democrats.
Stanford, 58, owns a home in the U.S. Virgin Islands, and operates businesses from Houston to Miami and Switzerland to Antigua. He holds citizenship in the island nation, and its government knighted him in 2006 in recognition of his economic influence and charity work.
Banking regulators throughout Latin America are scrambling to contain the damage after the U.S. Securities and Exchange Commission filed civil fraud charges against Stanford on Tuesday. Regional Director Rose Romero of the SEC’s Fort Worth office called it a “fraud of shocking magnitude that has spread its tentacles throughout the world.”