‘Maverick’ Billionaire Tearfully Denies Any Wrongdoing to Cameras
Wednesday, April 8, 2009 : PermalinkNew York (HedgeCo.Net) – R. Allen Stanford’s fate may be up in the air with a looming trial and the accusations of a major Ponzi scheme, but that didn’t stop him from opening up to ABC News cameras outside of a Houston restaurant.
In a short-lived but candid interview, Stanford went from aggressive to tearful while he denied the accusations being brought forth by the SEC.
When asked why he has being targeted, Stanford confidentially replied, “I think the government failed in their oversight, and I am the maverick, rich Texan they can put the moose head on the wall.”
Stanford was charged by the Securities and Exchange Commission on February 17 after allegedly orchestrating an $8 billion fraud centered around a CD program. His companies, which include Antigua-based Stanford International Bank, Stanford Group Company and Stanford Capital Management, were also named in the complaint.
“Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors," said the original complaint by the SEC.
“If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?” Stanford asked. “I will die and go to hell if it’s a Ponzi scheme.”
The Texas billionaire, who has been knighted and dubbed “Sir Allen” in the Caribbean, says he expects to be indicted by a grand jury in a few weeks.
When asked if he lived frugally, Stanford replied, “I’ve always lived frugally. I flew around in a private jet and I had a boat, but I always lived frugally.”
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net
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Tags: abc news, accredited-investors, billions and billions, candid interview, capital-management, cd program, false promises, hedgeco, houston restaurant, massive-fraud, moose head, ponzi scheme, private jet, r allen, securities-and-exchange-commission, stanford group company, texas billionaire
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