Texas Billionaire’s Legal Woes Could Cost Charities
February 18, 2009 | Read Time: 1 minute
The freezing of Texas billionaire Allen Stanford’s assets amid federal fraud charges could have a significant impact on the financier’s numerous charitable beneficiaries in the Houston area and elsewhere, The Houston Chronicle reports.
Mr. Stanford and three of his companies were charged Tuesday in what federal regulators described as a massive scheme to fraudulently sell $8-billion in high-yield certificates of deposit, Reuters reports. Mr. Stanford has denied any wrongdoing, the wire service says.
The Houston Chronicle lists several local museums and arts groups among Mr. Stanford’s beneficiaries. He is also a major backer of St. Jude’s Children’s Research Hospital, in Memphis, sponsors charity golf tournaments, and is a leading benefactor of cricket in the West Indies, where he lives, holding dual U.S.-Antiguan citizenship.
