DEFINITION of 'Sir Allen Stanford'
A former banker that is under investigation for securities fraud in excess of $8 billion. It was revealed that Allen Stanford grossly misinformed his 50,000 investors about the level of professional management that they were receiving. Allen and his associates are also suspected of possible dealings with Mexican drug cartels.
BREAKING DOWN 'Sir Allen Stanford'
Allen Stanford rose from humble beginnings in the town of Mexia, Texas. Beginning as an insurance salesman and bookkeeper, Allen rose to dizzying heights as an investment manager, taking billions of dollars from both private investors and prominent figures in the political and sporting arenas.