[3][4] Ten days later, the U.S. Securities and Exchange Commission amended its complaint to accuse Stanford of turning the company into a "massive Ponzi scheme".

[6][7] However, there was no direct connection between the insurance company and Allen Stanford's banking business, which he started on the British Overseas Territory of Montserrat in the West Indies in the 1980s.

[7] In 2008, Stanford Financial Group announced it would open a new global management complex in St. Croix, U.S. Virgin Islands, to include the base for the corporate support functions such as business technology, compliance, finance, human resources, investment strategy and legal, as well as the chairman's office.

The chief investment officer, Laura Pendergest-Holt, grew up attending a church in Baldwyn, Mississippi, where Davis was a Sunday school teacher.

On March 20, 2009, after the Group's fraud was revealed, the PGA announced that they would be dropping their affiliation with the company and that for 2009 the event would be called the St. Jude's Classic.

[20] The group established a significant presence in golf, polo, tennis, cricket and sailing, sports which were popular among Stanford's wealthy clients.

Stanford also sponsored professional golfers Vijay Singh, Camilo Villegas and David Toms as well as Morgan Pressel on the LPGA Tour.

Stanford also sponsored the Champions Series Tennis Tournaments featuring Jim Courier, John McEnroe and Pete Sampras.

[22] As one of the founding partners, Stanford Financial Group was also involved in Tiger Woods's annual golf tournament, the AT&T National.

[41][42] During that month Black Forest Ventures LLC was the designated bidder to defeat at the auction, with a minimum bid being $12.5 million.

Circuit Court of Appeals overturned a federal judge's ruling from the previous year that threw out three class action lawsuits that are trying to use state laws to recover investor losses resulting from Stanford's scheme.

[44] In February 2023, TD Bank of Canada agreed to pay the receiver $1.2 billion to settle claims related to Stanford.