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Stanford’s father defends his son over fraud charges

While Sir Allen Stanford was being served civil papers by the FBI in relation to his alleged fraud, his father was explaining to a US newspaper why he is standing by his son.

James Stanford, 81, sits on the board of Stanford International Bank which is at the centre of the allegations according to the US Securities and Exchange Commission.

He is also one of the "close circle of family and friends" with whom the SEC believes Sir Allen runs a global network of independent financial services companies that was set in 1932 by James' father Lodis B Stanford.

However, James told The Wall Street Journal he is standing by his son during this difficult time. "I can't believe these allegations," James is quoted as saying. "Allen is a smart guy. I hope he's not a crook. He wasn't raised to be a crook."

According to the WSJ, James only found out that his son was facing civil-fraud charges when a friend phoned to tell him it was being reported on a TV news programme. The last time he talked to his son was last Friday and the last time he had seen him was October 2008.

The newspaper also reports that James believes the people running Stanford had the requisite financial experience. However, a quote perhaps reveals the level of this experience is different to what most people expect.

"Where do you get financial experience? If you live and pay your bills I call that financial experience," James is reported to have said.

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Stanford family implicated in $8 billion investment fraud

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