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Sir Allen Stanford foiled in bid to fly out of US
Robert Mendick, Chief Reporter18 Feb 2009
THE Texan tycoon facing multi-billion-dollar fraud charges tried to leave the US by hiring a private jet this afternoon.
Sir Allen Stanford attempted to fly from Houston to Antigua but the leasing company rejected his credit card, according to reports on American TV channels.
A source told CNBC Stanford had contacted a private jet owner, but was refused because the company would only accept a wire transfer.
The dramatic development came as the Standard revealed that his complex financial empire was audited by a small accountancy firm with apparently bogus addresses across London.
Flamboyant financier and cricket sponsor Sir Allen, 58, was charged yesterday by US regulators over a “massive” investment fraud through his off-shore bank.
The Serious Fraud Office today launched an inquiry into the London connections of the little known accountancy firm which audited Stanford International Bank for almost a decade.
Sir Allen, who bankrolled a £70 million sponsorship deal with the England and Wales Cricket Board, is accused of an $8 billion fraud, although the true scale of his alleged deception may be even higher.
At one stage Stanford International Bank claimed to control more than $50 billion of assets.
Despite its size it was audited by accountants CAS Hewlett. The firm has addresses at a house converted into offices in Enfield, another in a suburban street in Haringey, a third office listed as Ilford and a fourth in Islington.
CAS Hewlett was originally run from Antigua by its founder Charlesworth Shelley Hewlett but when he died last month aged 72, operations are understood to have transferred to offices listed as Southbury Road, Enfield.
It is suggested Mr Hewlett's daughter Celia took charge of running the practice.
But at Southbury Road today there was no company sign and five other companies appear to be operating at the first and second floor offices, including a mortgage provider and design company.
One worker entering the office block said: “I've been here for two years and there has been no sign of any accountancy firms and I've never heard of Celia Hewlett.”
A further address for CAS Hewlett & Co is listed at Hampden Road in Haringey, just off Green Lanes. Mr Hewlett and his wife Delvine are listed at the address on the electoral roll.
A neighbour said: “I don't think anybody lives there. I have seen a couple of people come and go in the last two years.”
A third address for the firm in Royal Close in Ilford also showed no signs of an accounting practice while a phone number for a fourth in Islington just rang out.
The US Securities and Exchange Commission, which is bringing the case against Sir Allen, said this afternoon that he lost money with the alleged $50 billion swindler Bernard Madoff.
In a complaint filed in a federal court in Dallas, the Securities and Exchange Commission accused Stanford of fraudulently selling $8 billion in high-yield certificates.
Sir Allen, who got an honorary knighthood from Antigua, has denied any wrongdoing.
Accountant Mr Hewlett was born in Blubber Valley, Antigua, in 1936. He arrived in the UK in 1956 and passed his accountancy exams in 1970. At its Antigua headquarters Hewlett House, the ground floor is furnished but was unoccupied.
Mr Hewlett's brother Winston told the Financial Times: “At one point [Shelley] said the offices would not be rented out but sometimes he would say something different.”
Eugene Parry, office manager in Antigua, said: “We are in a transition period. Everything is being handled out of London. I'm not too sure what is happening with existing clients.”
Reader views (4)
Enfield, Haringey, Ilford and Islington??!!!! Hmmmm, classy!
- Suzanne, surrey, 19/02/2009 09:52
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as the SEC investigates more of these schemes of high returns, I believe they will come up with more Madoffs,Stanfords..this could easily top one trillion dollars by this year end. lot of rich people are going to commit suicide and some might end up in the streets.lot of people in latin america invested their money with Stanford. its going to be real ugly and sad.
- Kanan Krishnan, mountain view, 19/02/2009 06:48
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Another reason private jets should be banned!
- Mike, Denver, USA, 19/02/2009 02:04
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Me thinks that the ECB has been cleanly bowled out for a 'duck'
- John, Leighton Buzzard, Beds, 18/02/2009 17:48
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