Texas financier Allen Stanford has been stripped of his knighthood in Antigua and Barbuda.

The Head of the government panel that approves the awards has confirmed this.

The Chair of Antigua’s National Honours Committee, Jacqui Quinn-Leandro said committee members unanimously voted yesterday to revoke Mr Stanford's title.

The financier, who was a benefactor of the Antiguan government, is in jail in Texas for allegedly defrauding some 28,000 investors US$7 billion by selling them bogus certificates of deposits.

Mr Stanford received his knighthood in 2006 from Antigua's Governor General.