SIR ALLEN STANFORD, who recently signed a £100 million deal with the England and Wales Cricket Board (ECB), is under investigation in the United States for his company's behaviour during a recent offshore banking deal.

The Stanford Group is being investigated by the Securities and Exchange Commission (SEC) over deposits made at their offshore bank in Antigua.

Stanford's company controls more than US$6 billion (£3.9 billion) of assets in Antigua, the island that will host November's US$20 million match between an All Stars team and England.

The SEC investigate alleged corporate crimes that can lead to criminal prosecutions. They are investigating the Stanford Group after subpoenas were issued to two former employees asking for information about sales by Stanford's offshore bank.

Charles Rawl and Mark Tidwell are suing Stanford Group, accusing the company of forcing them to resign because they did not want to participate in illegal activities.

Sir Alen, 58, ranked 239th richest American, vehemently denies the allegations. The Stanford Group's spokesman, Lula Rodriguez, said the allegations "have been made by disgruntled employees and are totally without merit".

Last month, Sir Allen, who has a net worth of two billion dollars, invested in a multi-million dollar winner take all 20/20 match between West Indies and England in Antigua.

And the 12 West Indian cricketers selected on the Stanford All-Star side will pocket US$1 million each time they beat their traditional arch-rivals. The first match will be played on November 1 to coincide with the 27th anniversary of Antigua's independence.

He said the reason why he was pumping such an unprecedented sum of money (approximately US$150 000 million when additional costs are added) into the 20/20 series is because he has been living in the Caribbean for almost three decades and is driven by a burning desire to see West Indies' cricket rise again. (The Daily Telegraph)