Stanford Group Co. investors and U.S. regulators are opposing Texas billionaire R. Allen Stanford’s request to unlock $10 million in frozen assets to defend against allegations he ran an $8 billion Ponzi scheme.
The U.S. Securities and Exchange Commission sued Stanford, two associates and three of his companies on Feb. 17, alleging they defrauded investors through the sale of high-yield certificates of deposit by Antigua-based Stanford International Bank. All of Stanford’s personal and corporate assets were frozen by court order, pending the outcome of the case.
Stanford, 59, has denied any wrongdoing and last month filed court papers asking to unfreeze assets so he can hire a legal defense team. He also filed a notice that he will appeal the preliminary injunction freezing his assets and placing his Stanford Financial Group of companies in receivership.
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