Accused Ponzi schemer Allen Stanford will have his knighthood revoked by Antigua, which bestowed the honor on the deep-pocketed Texan in 2006. Back then Stanford was pouring money into the island nation's economy and paying cricket players from around the world to come there. But then he was busted for running a $7 billion Ponzi scheme and knighted Antiguans simply aren't allowed to do that.

Antigua to strip accused Stanford of knighthood [Reuters]