Stanford denies wrongdoing, wants money for lawyer

More News Texas billionaire R. Allen Stanford, accused by the Securities and Exchange Commission of a massive Ponzi scheme, has denied wrongdoing and asked a federal judge to free up some of his money so he can hire a lawyer. The SEC brought civil charges against Stanford and the top officers of the Stanford Financial Group in February, saying they were involved in an $8 billion fraud where investors were lied to about the safety of investments sold as certificates of deposit and promised unrealistically high rates of return. The Houston Chronicle reported for its Wednesday editions that Stanford repeatedly denied the SEC’s allegations without elaboration in his filing with a federal court…

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