Wednesday, March 11, 2009

Sir Allen Stanford is refusing to cooperate with the SEC’s investigation of his alleged $8bn fraud.

From Alphaville:

"
[The Stanford Series] Stanford pleading the fifth

Sir Allen Stanford is refusing to cooperate with the SEC’s investigation of his alleged $8bn fraud.
HOUSTON, March 11 (Reuters) - Allen Stanford, the billionaire Texan accused of an $8 billion fraud by U.S. regulators, has refused to cooperate in the government’s probe, according to a court filing.

“I hereby assert my privilege against self-incrimination under the Fifth Amendment to the United States Constitution and and decline to testify or provide an accounting, and will continue to decline to testify, provide an accounting or produce any documents related to the matters set forth in the Commission’s complaint,” he said in a filing with the U.S. District Court in Dallas.

Stanford, two of his top aides and three of his companies are accused by regulators of a long-running fraud involving high-yield certificates of deposit.

Me:

Don the libertarian Democrat Mar 12 00:21
I bet that he doubts that they can prove it, since it took them so long to figure out it was a Ponzi Scheme. He's betting that this will be a mess in the courts for years. Meanwhile, it sounds like he's getting his necessities. The there's always the stupidity/too complex defense, which manages to deflect guilt from many investors. On the other hand, maybe he'll cooperate if they let him walk.

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