Stanford Stays Silent

American billionaire businessman, Sir Allen Stanford is refusing to talk to US Investigators regarding his alleged fraud which is expected to total $8bn.

According to information released from the Court, Sir Allen has used the Fifth Amendment to withhold producing any potentially self-incriminating evidence.

The civil case against Sir Allen has been brought by US financial watchdog, the Securities and Exchange Commission.

Although Sir Allen’s assets have been frozen, no criminal charges have yet been pressed.  Despite this the SEC has said that he is guilty of fraud reaching “shocking magnitude”.

A team of forensic accountants is expected to be instructed in due course to try and uncover the full scale of the fraud.

Sir Allen is accused of carrying out the fraud through his Stanford Financial Group.  The SEC have claimed that he ran a Ponzi style fraud scheme offering unrealistically high returns to investors, and paying out earlier investors from money received from new investors, with no profit actually being generated.

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