Stanford stays tight-lipped in fraud case

Allen Stanford, the flamboyant Texan billionaire has refused to co-operate
with investigators looking into his alleged
(£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

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.

receivers Nigel Hamilton- Smith and Peter Wastell
from Vantis are handling
the job.

Related reading