Allen Stanford not cooperating in SEC probe-filing

[maddezmom]

Source: Reuters

Allen Stanford not cooperating in SEC probe-filing
By Anna Driver

HOUSTON, March 11 (Reuters) - Allen Stanford, the billionaire Texan accused of an $8 billion fraud by U.S. securities regulators, has refused to cooperate in the government's probe, a court filing showed on Wednesday.

The U.S. Securities and Exchange Commission has charged Stanford, two of his top aides and three of his companies with operating a long-running fraud involving high-yield certificates of deposit. He is also accused of misappropriating $1.6 billion in investor funds.

"I hereby assert my privilege against self-incrimination under the Fifth Amendment to the United States Constitution and and decline to testify or provide an accounting, and will continue to decline to testify, provide an accounting or produce any documents related to the matters set forth in the Commission's complaint," he said in a document dated March 9 that was filed in U.S. District Court in Dallas.

In a prior court filing, Stanford's attorney Charles Meadows has said the SEC's claims were false.



Read more: http://www.reuters.com/article/marketsNews/idUSN1130791120090311

[hobbit709]

1. If the stuff about him laundering cartel drug money is true

He's a dead man walking if those boys don't get their money back.

[atreides1]

2. If True

He may already be a walking dead man, he just doesn't know it yet.

[EFerrari]

6. Cartel money? What about CIA or DEA money?

:shrug:

[GliderGuider]

23. What's the difference?

On the drug front the line between these orgfanizatios gets awfully blurry.

Whichever it turns out to be, he's toast.

[tridim]

3. Why do they still refer to him as a billionaire?

Stealing billions doesn't make someone a billionaire, it makes them a criminal who stole billions.

[Lucky Luciano]

5. Agreed...the billionaire title has been completely lost. nt

[demoborn47]

4. I hate to be totally obvious...

People who are innocent don't run and hide. If everything is false, why is he such a scared little bitch? Step up and prove your innocence, oh wait you can't. You're GUILTY. Who do these people think they are?

[geckosfeet]

7. There is a private sparsely furnished room in Sing Sing waiting for him.

[UpInArms]

8. Billionaire Stanford to take the 5th in fraud case

Source: Associated Press

DALLAS – Texas billionaire R. Allen Stanford and one of his top officials have asserted their Fifth Amendment right against self-incrimination in the federal government's fraud case against them and Stanford's companies, according to court documents filed Wednesday.

Stanford said he will "decline to testify, provide an accounting or produce any documents" related to the Securities and Exchange Commission's civil case, which accuses him of running a "massive Ponzi scheme."

Finance chief James M. Davis, using similar language, also asserted his right not to incriminate himself.

The documents were filed Wednesday in federal district court in Dallas, a day before a hearing in which the SEC is expected to make a case for an injunction allowing a court-appointed receiver continued control over the assets of Stanford, Davis and Stanford Investment Group companies.

Read more: http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/stanford_hearing

[steven johnson]

9. "...the very rich. They are different from you and me." F. Scott Fitzgerald

"Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft, where we are hard, cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand."

"The Rich Boy" (1926)

Talk:F. Scott Fitzgerald

[UpInArms]

12. welcome to DU, steven johnson

glad to have you here :hi:

[provis99]

15. remember Hemingway's reply to Fitzgerald?

Fitzgerald: The very rich are different from you and me.
Hemingway: Yes. They have more money.

That about says it all.

[No Elephants]

17. "Money changes everything. " Not really, but it often changes people. And those

who are self made are often different in a number of ways from those who inherited money.

[MichiganVote]

10. Some justice is wasted on social retards like this.

[valerief]

11. I wholeheartedly agree. nt

[mackerel]

13. A guy from CNBC asked Stanford how he liked being a billionaire

and he laughed and said it was great.

The guy was laughing.

Ultimately the joke is on us.

Yes, the rich are different from you and me.

[No Elephants]

18. The ability to plead 5th Amendment is fine, IMO. "Taking the 5th" in itself is

a statement that a truthful answer to the question just asked would tend to incriminate the witness. However, courts have not left that simple fact alone. Judges now instruct jurors that they are not allowed to draw any conclusions from someone pleading the 5th. That's the part I don't get.

I wonder: if the Framers and the good folk who voted on the Bill of Rights had foreseen the jury instruction, would the 5th Amendment still have made its way into the Bill of Rights?

[hugo_from_TN]

22. If juries are allowed to view someone taking the 5th as an admission of guilt,

then the right to not incriminate yourself in the 5th amendment is useless.

[Rincewind]

14. Plenty of room at Gitmo

A few minutes of water boarding, and they'll tell us everything they know. I mean, after all, isn't the right wing always telling us that torture works?

[No Elephants]

16. Sanford says, "I decline to answer because Pubs are no longer in the majority or the WH."

[Nihil]

19. That should speed up the trial then!

Guilty on all charges.
Now sentence them.
:shrug:

[sutz12]

20. I'm sorry, but why would anybody trust a guy with a face like that?

Talk about a flim-flam man.

:shrug:

[TheCoxwain]

21. Threaten him with a hunting trip with Dick Cheney ...