Stanford fights $8 billion federal fraud allegations in Dallas District Court.
Dallas, TX (JusticeNewsFlash.com)–The U.S. Securities and Exchange Commission (SEC) www.sec.gov have filed criminal allegations in federal court against Allen Stanford (Texas billionaire), tow of his top executives and three of his companies. Court documents reveal lawyers for the government had filed an $8 billion fraud claim accusing Stanford of a Ponzi scheme. Stanford is now represented by a business litigation law firm specializing securities fraud allegation claims reported Reuters on Tuesday.
Attorneys for the government were successful in persuading a federal judge to freeze Stanford’s assets through a court appointed receiver. Stanford is known to be successful banker and entrepreneur in Texas and the Caribbean and vehemently denies participating in a Ponzi scheme. Federal bank regulators allege Stanford offered high yield certificates of deposit through his Antigua bank to defraud his investors and finance his massive Ponzi scheme.
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