ST JOHN'S: The England and West Indies cricket boards suspended sponsorship negotiations with financier Allen Stanford following fraud allegations against the Texas billionaire on Tuesday.

The Securities and Exchange commission charged Stanford and three of his companies with alleged fraud involving a multi-billion dollar investment scheme.

"The England and Wales Cricket Board (ECB) and the West Indies Cricket Board (WICB) have suspended negotiations with Sir Allen Stanford and his financial corporation concerning a new sponsorship deal," the ECB said in a statement.