"has been charged over a $8bn (£5.6bn) investment fraud, US financial regulators say.
The Securities and Exchange Commission said the financier had orchestrated "a fraudulent, multi-billion dollar investment scheme".
The SEC said the fraud was "based on false promises and fabricated historical return data"."
Already the England and Wales Cricket Board (ECB) have suspended negotiations with Sir Allen Stanford over a new sponsorship deal and this will presumably allow the ECB to extricate themselves from the Stanford 20Twenty contract.
However the real impact may well be on the people of Antigua so many of whom relied upon Sir Allen Stanford's businesses for their livelihoods, I believe his companies were the second largest employer on the island. There will be a lot of very worried Antiguans when they hear the news and the bars of St Johns will be awash with speculation as well as rum and the Roti King will be alive with rumour and worry.