Stanford formally denies allegations

(Antigua Sun) – Business-man, Sir R Allen Stanford, has categorically denied the US Securities and Exchange Commission’s (SEC)’s allegations that he was running a US$8 billion Ponzi scheme.

Sir R Allen Stanford
Sir R Allen Stanford

Sir Allen filed a pro se answer to the first amended complaint handed in by the SEC to the Dallas division of the US District Court for the Northern District of Texas.

Sir Allen explained that he was filing his answer pro se because he has been unable to retain counsel since his assets and money have been seized by the actions of the receiver, attorney, Ralph Janvey.

Speaking on his own behalf for the first time since the SEC launched their civil complaint, Sir Allen denied all of the allegations implicating him and his companies in any kind of fraudulent activity.

He also challenged the venue in which the lawsuit was taking place, stating that the proper one would be the Southern District of Texas, Houston Division.

Sir Allen denied allegations that he refused to produce documents and information accounting for Stanford International Bank’s multi-billion dollar investment portfolio.

Sir Allen concluded his document requesting that the court dismisses the commission’s complaint and deny any and all relief sought by the commission and also asked the court to release his assets so that he could retain counsel.

Although attorney, Doug Deguerin, has been engaged by Sir Allen to present his case during the proceedings, he is not Sir Allen’s attorney officially.