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Tag: R. Allen Stanford

Poor Billionaire Allen Stanford Gets Public Defender

R. Allen Stanford/bbc news photo

R. Allen Stanford/bbc news photo

Poor billionaire Allen Stanford. Assets frozen, stuck behind bars. Now he’s getting a federal public defender. Some people think public defenders provide second-rate legal representation. But truth be told, federal defenders around the country generally have a very good reputation and often provide better representation than some highly paid attorneys.

Brenda Sapino Jeffreys
Texas Lawyer

R. Allen Stanford has new lawyers, but they are not from Patton Boggs, which announced in late July it was replacing Houston criminal defense attorney Dick DeGuerin as the Houston financier’s criminal defense firm.

On Tuesday U.S. District Judge David Hittner of the Southern District of Texas granted DeGuerin’s motion to withdraw as Stanford’s criminal defense attorney. He appointed the federal public defender’s office to represent Stanford after determining that Stanford does not have money immediately available to pay for private attorneys.

In July, DeGuerin of DeGuerin & Dickson in Houston asked to be let out of the case because DeGuerin wanted assurance that he will be paid. Lawyers from Washington, D.C.-based Patton Boggs announced in late July they were representing Stanford, but they have not formally entered the case because they also want assurance they will be paid.

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FBI Tracks Down Texas Billionaire Scammer Allen Stanford in Virginia

The FBI tracked down this man who may be another glaring example of the failures of the Security and Exchange Commission that has cost people a lot of money. Maybe if the SEC folks had invested with people like Standford of Bernie Madoff they might have paid closer attention.

By DEVLIN BARRETT
Associated Press
WASHINGTON – Texas financier R. Allen Stanford was tracked down Thursday in Virginia, where FBI agents served him with legal papers in a multibillion-dollar fraud case.

FBI agents, acting at the request of the Securities and Exchange Commission, served Stanford court orders and other documents, the FBI and the SEC said.

Stanford is not under arrest and is not in custody.

In a civil complaint Tuesday, the SEC accused Stanford, two other executives and three of his companies with committing an $8 billion fraud that lured investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments. It’s not clear how much of the $8 billion was lost and how much investors might recover.
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