Brief: Stanford Pleads Not Guilty

June 26, 2009 — Allen Stanford, one-time billionaire accused by the Securities and Exchange Commission of running a $7 billion con through his Stanford International Bank in Antigua, pled not guilty to all charges Thursday in federal court in Houston.
U.S. Magistrate Judge Frances Stacy set bond at $500,000, requiring $100,000 in cash. On Friday, Stanford’s attorney, Houston criminal defense lawyer Dick DeGuerin, delivered the $100,000 and posted bond, according to court documents. But prosecutors filed a motion to review Stanford’s release. Stacy stayed the release pending a review before another judge, which was set for Monday morning.
In February, the Securities and Exchange Commission filed a complaint against Stanford, alleging violations of several securities laws. His assets were quickly frozen and operations effectively shut down, leaving Stanford employees on St. Croix and throughout the world suddenly in the lurch.
On June 19, he and several of his companies’ officers were arrested and charged with fraud and other criminal acts relating to selling certificates of deposit to investors, then misusing up to $7 billion of the investors’ funds.

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