FBI carries out sweeps of Texan billionaire Stanford's Antigua bank

Washington, Feb.15 (ANI): Texan billionaire Allen Stanford is under investigation by the Federal Bureau of Investigation (FBI).

FBI agents are examining the Antigua-based Stanford International Bank (SIB), which has paid investors returns twice as large as conventional banks, after former employees said they witnessed "unethical and illegal practices".

It is part of a wave of investigations by the Securities and Exchange Commission - the American equivalent of the Financial Services Authority - and other regulators amid fears that some investment schemes are vulnerable to collapse due to the global financial crisis.

Details of the inquiries have come to light as the England and Wales Cricket Board negotiates a new contract with the colourful Texan, whose antics at last year's Twenty20 for 20 million dollar tournament incensed many of the game's fans.

The divorced father-of-six was forced to apologise after he was photographed with one of the England player's wives sitting on his lap.

The bank confirmed that an investigation by the Securities and Exchange Commission was under way, but declined to comment on reports that the FBI and the Internal Revenue Service had also been examining the bank for "many months".

The FBI refused to comment, but six investigators from the US Financial Industry Regulatory Authority entered the bank's offices last month. (ANI)