Stanford Denies Investment Fraud Charges
In his first response to investment fraud charges brought against him by the U.S. Securities and Exchange Commission (SEC), billionaire Texas financier, Allen Stanford, has denied masterminding the $8 million fraud.
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It's the first formal statement we’ve heard from the man at the center of the Stanford investment scam. In the response, Stanford denies each of the allegations listed by the SEC. He also announced he will be representing himself in court due to the freezing of his assets by court-appointed receiver Ralph Janvey.
Allen Stanford stands accused of scamming investors out of billions of dollars by conducting a huge Ponzi scheme in which he sold purportedly safe certificates of deposit and promised ultra-high returns. While he has yet to be criminally charged, his chief investment officer, Laura Pendergest-Holt, remains the only person involved in the fraud to have criminal charges filed against her.
Stanford’s predicament – not having money to hire a lawyer – may seem strange, but he is not without company. His situation is similar to that faced by other investment fraudsters like Arthur Nadel. Nadel has also been forced to represent himself due to lack of funds. Bernard Madoff, on the other hand, was able to hire a lawyer using funds believed to be unrelated to the infamous Madoff investment fraud. In 1989, the Supreme Court ruled that a person's right to counsel was not violated if his assets were seized, depriving him of the ability to hire a lawyer. Experts believe that with no money and no lawyer, Stanford will be less likely to avoid indictment. He will probably find that conceiving and masterminding the $8 billion Stanford financial fraud was far easier than figuring out how to free himself from the tangled web he's woven.
Stanford Investment Fraud Attorneys
Protecting your investments after they have been involved in a securities fraud like the one Stanford operated, can be hard to do on your own. These are complex legal cases that involve thousands of other duped investors and expert attorneys. Being represented by an experienced securities attorney can help you recover lost investments.
If you have lost money in the Stanford Financial Group fraud or any other securities fraud, contact a securities attorney at Arnold & Itkin LLP to discuss your options for compensation.
Beware of FLORIDA PONZI SCHEMERS like Sir Allen Stanford, Sidney Donald “Trip” Camper III, and Edward Berkhof whom prey off of innocent hard working people. These criminals use name dropping, stamped passports, falsified tax returns, and donations to St. Jude’s to gain trust and power over these private companies with aspirations to go public. According to SEC files, Sidney Camper was fired from Elandia Inc. by Allen Stanford himself when a Sir Ahkoy and his family (see link below) became victims of investment fraud. Sidney Camper then went on to his next victim (an otc company in Los Angeles) and with the help from his new partner in crime, Ed Berkhof, ruined this honest, profitable company by tricking them into thinking that Sidney Camper and Ed were going to take them public. After forming a holding company, opening secret bank accounts, falsifying tax documents, and a free trip to England for Sidney and his friends, Sidney Camper and Ed Berkhof proceeded to ILLEGALLY sign over enough otc company stock shares to themselves to gain company control and ultimately perform a hostile takeover. Instead of working to take the otc company public, Sidney Camper and Ed Berkhof pretended to be owners of the otc company AND used the otc company’s assets to get OTHER people to loan THEM money = PONZI SCHEME!!!! Beware of these smooth talking criminals like Sir Allen Stanford, Edward Berkhof, and Sidney Trip Camper. Although Allen Stanford is in the hands of the FBI now, Sidney Camper still lists the Stanford Group on his curriculum vitae! Sidney Camper also lists Danny Bogar, President of Stanford Group Holdings as a reference. I hope the IRS/FBI stops these criminals once and for all!
SEC FILING - Trip Camper Resignation Letter
http://www.secinfo.com/d14D5a.v6Q98.c.htm