The US financial authorities say they do not know the whereabouts of Sir Allen Stanford, who has been charged over an alleged $8bn (£5.6bn) fraud.

The Texan billionaire has not seen seen since Tuesday, when the Securities and Exchange Commission filed a complaint.

The SEC said only the financier and a close associate knew where most of the money was.

Depositors have been queuing to withdraw their money from commercial banks associated with the billionaire.

Anxious customers

Many details about the alleged fraud remain unclear, but the SEC said Sir Allen and two other executives and three of their companies promised clients unrealistic returns on certificates of deposit and committed other financial fraud.

The SEC described it as "fraud of shocking magnitude that has spread its tentacles throughout the world".

A US judge has frozen the assets of Sir Allen and the other accused as well as those of the Stanford Group, its Antigua-based subsidiary Stanford International Bank (SIB), and another subsidiary, investment adviser Stanford Capital Management.

Hundreds of depositors of Sir Allen's Bank of Antigua in Antigua sought to withdraw their funds on Wednesday, although the bank is separate from SIB.

The Stanford group is the largest private employer in Antigua and Barbuda, covering financial, media and sporting franchises.

Branches in Mexico, Venezuela, Panama and Ecuador also had to cope with queues of anxious customers, reports said.

Sir Allen, a leading figure in the cricket world, last year promoted the Stanford cricket series which saw a West Indian all-star team - the Stanford Superstars - beat an England team for a $20m prize.

The England and Wales Cricket Board (ECB), which has a five-year deal to play games against the Stanford Superstars, suspended sponsorship negotiations with him following the fraud charges.

Peru and Venezuela have become the latest countries to intervene in local banks controlled by the Stanford group as it faces fraud accusations.

Peru's securities regulator suspended local operations of the Stanford Financial Group for 30 days.

Far right-wing radio honker Sean Hannity was in with that guy; he pushed Stanford's coin and bullion business on his show, basically saying, "Tell 'em Sean sent ya!"

:P

FBI agents in the US state of Virginia have served Texan billionaire Sir Allen Stanford with civil legal papers from the US financial watchdog, the SEC.

Sir Allen, who disappeared from public view on Tuesday when he was accused by the SEC of an $8bn (£5.6bn) fraud, is believed to be in the Richmond area.

The SEC filed a civil case in court describing the case as a "fraud of shocking magnitude".

He is not in custody and has not been charged with any criminal violations.

The England and Wales Cricket Board terminates all of its contracts with Texan billionaire Sir Allen Stanford.