Regulators take control of Stanford's local bank

Caribbean regulators today took control of an Antiguan bank owned by cricket entrepreneur Allen Stanford to prevent its collapse as depositors rushed to pull their money after the American financier was accused of fraud.

The Eastern Caribbean Central Bank, the monetary authority for eight island economies in the region, said the Bank of Antigua’s board of directors requested the intervention because of the “untenable situation” at its three branches in the twin-island nation of Antigua and Barbuda.