Panic In Antigua As Stanford Bank Freezes Money


You’re a defrauded client of Sir Allen Stanford who has rushed to Antigua to get your cash while you still can. How do you feel when you finally get to the end of the block-long line only to hear this?

No, your money isn’t “frozen,” but you can’t have it because we’re no longer processing transactions.

WSJ: Some depositors who tried to pull money from the Antigua-based Stanford International Bank were told that the bank had ceased processing all transactions, including withdrawals, because of actions by regulators, according to lawyers and clients. The bank remained in operation, and customer funds weren’t frozen, bank officials told clients, but the effect on customers was the same.

At the Stanford-controlled Bank of Antigua, more than 150 people were waiting outside when the doors opened in the morning. Hours later, a line dozens deep snaked into the parking lot. Depositors who asked to withdraw their money were permitted to take out only 50,000 Eastern Caribbean dollars (about $18,000).

Which, it should be said, is a lot more than Madoff investors got.