Lawyers for Allen Stanford have called for the case alleging he masterminded a $7 billion Ponzi scheme to be thrown out of court.According to Mr Stanford’s attorneys, the Securities and Exchange Commission (SEC) has not managed to lay out a strong enough case against the businessman.Christina Sarchio, his legal representative, told Bloomberg that the latest’s SEC complaint, which is 32 pages long, does not stand up to examination.”It doesn’t really have any specifics about what Allen Stanford said, to whom he said it or how the SEC even has jurisdiction over the certificates of deposit, because they’re not securities,” she said.Mr Stanford, who is awaiting a trial scheduled to take place in January 2011, has been accused of carrying out a “massive” fraud that involved the sale of certificates of deposit through banks.Last September, Mr Stanford had his nose broken in a prison brawl and had to spend two days in hospital before being returned to his cell.
Posts Tagged ‘Stanford’
Allen Stanford calls for Ponzi lawsuit to be dismissed
February 20th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Attorneys, Banks, Businessman, Certificates Of Deposit, Christina, Days In Hospital, Jurisdiction, Last September, Lawyers, Legal Representative, Massive Fraud, Ponzi Scheme, Securities And Exchange, Securities And Exchange Commission, Specifics, Stanford 
Comments OffAllen Stanford trial set for 2011
December 19th, 2009 Before You Invest The trial of alleged fraudster Allen Stanford will not take place until 2011, a judge has ruled.Mr Stanford is accused of carrying out a $7 billion Ponzi scheme at his offshore bank in Antigua.As he is deemed a flight risk by US authorities, he will spend the year before his January 2011 trial in custody.The start date of the trial was a compromise between prosecutors, who wished to start the trial in September 2010, while defence lawyers were pushing for a summer 2011 date in order to better prepare their case.His chief financial officer James Davis has already pleaded guilty to fraud while Mr Stanford himself has denied all charges.
Brawlin’ Bernie: Madoff victorious in first prison fight
October 14th, 2009 Before You Invest Bernie Madoff, after a heated debate with a fellow inmate over whether the stock market has really bottomed out, reportedly got into his first altercation since being sentenced to 150 years in a Butner, N.C., federal prison.Inmates who witnessed the fight told The New York Post that Mr.
Posted in Finance Fraud Tags: Altercation, Bernie Madoff, Butner, Federal Inmates, Federal Prison Inmates, Fellow Inmate, Investment, Investors, Life Sentence, Mammoth, New York Post, Ponzi Scheme, Prison Survival, R Allen, Shock, Slammer, Solitary Confinement, Stanford, Stock Market, Survival Tips No Comments »Stanford funds restricted by UK investigators
July 2nd, 2009 Before You Invest More than $100 million in assets held by Texan financier Allen Stanford at a number of financial institutions in London have been seized by British financial investigators.Mr Stanford is expected to hear today (June 30th) if he can be freed on bail ahead of his trial.
Posted in Finance Fraud Tags: 100 Million, Certificates Of Deposit, Defence Attorney, Department Of Justice, Dick Deguerin, Financial Institutions, Financial Investigators, Financier, Flight Risk, Fraud Scheme, Investment Fraud, Obstruction Of Justice, Prosecutor, Restraining Order, Serious Fraud Office, Stanford, Uk Investigators, Us Department Of Justice, Wall Street, Wall Street Journal No Comments »
