Embattled investor Allen Stanford is losing his private island in Antigua. The governments of Antigua and Barbuda are making the move to take control of the texas Billionaire who has been accused of securities fraud.

Stanford, owned Guiana Island A 1,500 acre island that has emerged as the heart of his elaborate dealings. Antigua and Barbuda’s government obtained approval last week to seize 250 acres of the island following the charges against Stanford in February.

An official stated “Our main aim is to make sure that the lands are returned to Antigua,”  Apparently this move is in response to massive outstanding debt to local suppliers owned by the Stanford Group.

To read more visit Reuters.uk. I think this is a cautionary tale for potential island owners. Although an island may feel like “your own kingdom” it is still subject to the laws of the nation to which it belongs.