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Stanford seeks to keep gathering evidence while awaiting trial

Wednesday, August 12, 2009

Texan financier Allen Stanford, accused of running a $7 billion Ponzi scheme, said he should be allowed to continue gathering evidence in a lawsuit that might help him fight liquidation of his assets while his criminal case moves forward.

Standford asked US District Judge David Godbey to reject prosecutors request to halt evidence gathering in the fraud lawsuit brought by the US Securities and Exchange Commission.

Stanford, in papers filed Aug. 6 in federal court in Dallas, said if the case is not put on hold the court-appointed receiver in the SEC lawsuit will keep liquidating his financial empire.

The receiver, Dallas lawyer Ralph Janvey, claims all of Stanfords assets are tainted by a fraud scheme involving the sale of certificates of deposit through Antigua-based Stanford International Bank Ltd.

Without access to records and witness statements, Stanford claims he wont be able stop liquidation of his assets in the SEC case or adequately defend himself against criminal charges that could imprison him for life.

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