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Stanford Surrenders Passport, Antigua Units Seized

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Regulators seized Texas billionaire Allen Stanford's banks and companies in Antigua and Barbuda, the Caribbean state at the center of fraud charges against him, as the financier surrendered his passport to U.S. authorities.

Antigua's government, which in 2006 gave Stanford a knighthood, and the Eastern Caribbean Central Bank announced the takeovers on Friday, after a rush by depositors this week to withdraw their funds from Stanford banking affiliates.

Read the whole story at Reuters