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13 Mar 2009
Allen Stanford, the flamboyant Texan billionaire has refused to co-operate with investigators looking into his alleged $8bn (£5.6bn) fraud.
In a filing with a US District Court in Dallas, Mr Stanford invoked the Fifth Amendment, which affords him the right to remain silent to avoid incriminating himself.
Stanford, finance director James Davis and Laura Pendergest-Holt, his company’s chief investment officer, are accused by the SEC of paying investors returns from money placed with Stanford Financial Group by new customers.
Stanford International Bank and Stanford Trust Company, the companies which handled the investments of 28,000 clients are currently in receivership.
Joint receivers Nigel Hamilton- Smith and Peter Wastell from Vantis are handling the job.
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Briefings
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