BusinessBusiness RecoveryStanford stays tight-lipped in fraud case

Stanford stays tight-lipped in fraud case

Cricket-loving billionaire goes on the defensive by invoking his Fifth Amendment rights in response to a civil case brought by the SEC

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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