Stanford surrenders to US authorities

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Stanford - the man behind last year's lucrative Twenty20 cricket contest between England and a team of West Indian all-stars - was charged in February with frauds totalling USD9.2 billion (£5.6bn) by regulators in the United States.

According to Houston attorney Dick DeGuerin, Stanford surrendered to FBI agents parked outside a residence where he was staying.

He is facing charges filed by the Securities and Exchange Commission (SEC) in a civil court, and as such had not been arrested previously.

Stanford and other top executives at his Stanford Financial Group are accused of conducting fraud with an eight billion dollar (£4.9 billion) certificates of deposit (CDs) scheme, which promised "improbable and unsubstantiated" high returns.

It is claimed that Stanford and his firms "misrepresented" to investors that their money was secure, falsely claiming the bank reinvested client funds primarily in "liquid" financial instruments and was monitored by a team of 20-plus analysts.