HOUSTON (AP) _ Texas billionaire R. Allen Stanford, accused by the Securities and Exchange Commission of a massive Ponzi scheme, is denying wrongdoing and is asking a federal judge to free up some of his money so he can hire a lawyer.
The SEC brought civil charges against Stanford and the top officers of the Stanford Financial Group in February, saying they were involved in an $8 billion fraud where investors were lied to about the safety of investments sold by the bank as certificates of deposit and promised unrealistically high rates of return.
The Houston Chronicle reports that Stanford repeatedly denied the SEC’s allegations without elaboration, in his filing with a federal court in Dallas.
Stanford sent his response via certified mail to the SEC office in Fort Worth last week. It was made public yesterday.
Stanford filed the answer without a lawyer because he said he hadn’t been able to hire one since his assets and money have been seized.