Bank of Antigua was an Antigua-based

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

that was owned by the

Stanford Financial Group The Stanford Financial Group was a privately held international group of financial services companies controlled by Allen Stanford, until it was seized by United States (U.S.) authorities in early 2009. Headquartered at 5050 Westheimer in Uptown H ...

and was central to the

Ponzi scheme A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are comin ...

run by

Allen Stanford Robert Allen Stanford (born March 24, 1950) is an American financial fraudster, former financier, and sponsor of professional sports. He is serving a 110-year federal prison sentence, having been convicted in 2012 of fraud, on charges that his i ...

. It was originally formed on the 10 February 1981 in St. John's. When the Ponzi scheme was exposed in 2009, the bank was taken over by the

Eastern Caribbean Central Bank The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean Dollar, Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of ...

(ECCB) on 20 February 2009. The bank was renamed to the Eastern Caribbean Amalgamated Bank by the ECCB and they disposed of it in Nov 2011.

References

External links

BBC Antigua bank hit by fraud charge
* ttps://www.telegraph.co.uk/sport/cricket/international/england/4690660/Sir-Allen-Stanfords-attempted-flight-thwarted-as-credit-card-refused.html Allen flight to Antigua cancelled Bank failures Economy of Antigua and Barbuda Stanford Financial Group Banks established in 1981 1981 establishments in Antigua and Barbuda Banks disestablished in 2009 2009 disestablishments in Antigua and Barbuda Defunct banks of Antigua and Barbuda {{bank-stub