HOUSTON, July 2, 2009
Judge To Consider Stanford's Money Request
Texas Financier Also Seeking to Use Money from Insurance Policy for Legal Team
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R. Allen Stanford was considered one of the richest men in America with an estimated net worth of more than $2 billion. (AP Photo/David J. Phillip)
The Texas financier asked U.S. District Judge David Godbey more than two months ago to order the court-appointed receiver in the Securities and Exchange Commission civil case against him to place $10 million in an escrow account in the name of attorney Dick DeGuerin to cover fees and legal costs.
Godbey said in an order earlier this week that he would "entertain" a modest request to pay lawyers and accountants to help "demonstrate the existence of personal assets unrelated to and untainted by the alleged fraud."
The Securities and Exchange Commission brought civil charges in February against Stanford and the top officers of the now-defunct Stanford Financial Group.
Last month, a federal grand jury in Houston indicted Stanford and three executives of the Stanford Financial Group on charges accusing them of orchestrating a massive Ponzi scheme by misusing most of the $7 billion they advised clients to invest in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua.
Stanford also is seeking to use money from a Stanford Financial insurance policy to pay his legal team.
"We have not received a penny, yet," DeGuerin told the Houston Chronicle Thursday.
Ralph Janvey, the court-appointed receiver in the SEC case, has asked for $20 million for fees related to the case.
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- by whitemale08
Goldman Sucks and JP Morgan continues their PONZI scheme of worthless derivatives and credit-default swaps guaranteed by taxpayer bailout money.
Man, can you give your Conspiracy Theories a rest. You leave essentially the same comment on article after article. - Reply to this comment
- While everybody breathes a sigh-of-relief that we 'got-the-bad-guys' nothing could be further from the truth.
Goldman Sucks and JP Morgan continues their PONZI scheme of worthless derivatives and credit-default swaps guaranteed by taxpayer bailout money.
Folks, until we stop being distracted by these mass-media created spectacles like Madoff and Stanford, we will never catch the real bad guys @Goldman Sucks and JP Morgan. - Reply to this comment
- From above article, "The Texas financier asked U.S. District Judge David Godbey more than two months ago to order the court-appointed receiver in the Securities and Exchange Commission civil case against him to place $10 million in an escrow account in the name of attorney Dick DeGuerin to cover fees and legal costs."
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D@mn, please put $10m in an escorw account for me, I promiose the USA will never see me again. The heck with Stanford, let him fry. You can reach me at my address in - Reply to this comment
- Stanford and others are referred to by the media as 'financiers.' The Extra Large Giant Book of Synonyms does not list 'financier' as an alternate word for thief. Also, Mr. DeGuerin can cut his losses and withdraw from the case. But, I'll bet he doesn't. It would be ironic if Stanford's lawyer turns out to be a public defender.
- Reply to this comment
- You "*****" for years I love to come home and watch the CBS evening news...lately only on the internet...Where is it? How do I "WATCH NOW?" as the old site would ask...I want to hear the intro with Walter.. I want to hear how you have laid it out...Come on..I live in Marin County, in the Redwoods, in a log cabin but for me...Friday, a cocktail and Couric...That is what I want...Come on really! It has been several nites of this..I know I speak for every 46 year old male who is not that computer savy...Please help...
Chris
415-532-6006 - Reply to this comment
