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.
The investors are seeking repayments of the money they lost, which they say is in the millions of dollars. Lawyers for the defendants insist that it is much too early to file an 
Investors who wish to see their frozen funds released
Friehling was not charged for knowledge of the 
Prosecutors also plan to seize assets in Ruth Madoff's name including: $17 million cash and $45 million in bonds. The Madoffs' lawyers insist Ruth is the sole owner of the cash, bonds and Manhattan apartment and that they are not related to her husbands $65 billion Ponzi scheme. In addition, loans given to the Madoffs' sons, Mark and Andrew, adding up to nearly $32 million are on the list of assets to be seized.
Earlier in the week Madoff refused to agree to a plea deal with prosecutors and admit to conspiracy, implicating others. Because of his refusal investigators will have no help in identifying others involved in the scheme. According to 
A few employees from the Houston headquarters will be kept on long enough to wrap things up at the office and close the company down. After, however, they will also be out of a job.
Most of these accounts are managed at Pershing LLC, the clearing firm for the majority of Stanford accounts. Janvey, however, has also considered releasing accounts held at JP Morgan Clearing Company.
In January, Burden and the Gagosian Gallery purchased the gold, through Stanford Coins & Bullion, from Dillon Gage Group, a rare coins and metal dealer unrelated to Stanford or any of his businesses. The parties agreed that Burden and the Gagosian would wire the payment for 
Guiana Island is Antigua's largest island measuring 2.5 miles across and .5 miles wide. With extensive mangroves, coral reefs and wildlife it is one of Antigua's ecological treasures. It is home to Antigua's national animal, the European fallow deer, and the endangered West Indian whistling duck.
According to the SEC, on a monthly basis, Stanford and Davis came up with a set return on Stanford International Bank investments and worked backward from there, falsifying financial documents to support their deception.
In a different lawsuit, J. Mark Brewer sued to SEC in an attempt to get access to frozen retirement accounts. His funds are held by a clearing firm called Pershing, who handled Stanford transactions. Brewer argues that, although, Stanford may be guilty, his dealings with Pershing have nothing to do with his situation. Brewer is one of many investors unhappy with the freezing of their Pershing assets. Some of the others, however, have taken a different approach; they are on board with the SEC's civil lawsuit in Dallas.
Also, in 2001, Stanford, claimed he was a descendant of Stanford University's founder, Leland Stanford. Stanford University officials denied any relation and, in 2008, filed a trademark infringement lawsuit against the billionaire, claiming his actions were "injurious" to the university's name and caused "public confusion." This odd attempt at name dropping supports the idea that the egomaniacal Stanford is after power in every way. 
At least 300 investors with their 
In a classic case of the foxes guarding the hen house, Lena Stinson, who served as the 
In December of 2007, former Stanford Financial Group (SFG) financial advisers, Charles Rawl and Mark Tidwell quit their jobs for fear of being held criminally liable due to the 
According to insiders, nearly half of all 
Much like investors, senior employees at Stanford had limited access to the bank's investment methods themselves. At least one employee, Michael Zarich, told .jpg)
equaling the donation Stanford made to his election campaign to charity. Several lawmakers have also followed suit. According to sources, the Stanford Financial Group spent approximately $4.8 million in donations to American politicians over the past decade. Stanford worked hard to spread his influence in American politics. He, not only donated to the Obama, McCain and Clinton campaigns, but in 2002, donated heavily to Florida senator Bill Nelson who served as vice chairman of the Democratic Senatorial Campaign Committee during the time Congress was debating the introduction of harsher anti-investment fraud laws. .jpg)
Their reasons for suspicion are not hard to understand; it all boils down to common sense. Brokers have confirmed that they were suspicious of the incredibly high returns the Stanford financial scheme promised investors, coupled with the minimal risk company officials promised investors. Many former brokers who worked for Stanford left, unable to digest the unsavory practices at the firm. The suspicions about the flamboyant Stanford were confirmed over the past few days as his offices were seized and cases were filed against him. As the Stanford Financial fraud unfolds his ploy to gain investments becomes more clear.
The Antigua-based Stanford International Bank Limited assured clients that it’s certificates of deposit were as secure as “U.S. government insured accounts”. As SEC agents and U.S. marshals raided the company's Houston office, investors had already begun to reveal the attraction the 