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Stanford dismisses £6bn fraud charges as 'baloney'
Paul Thompson07.04.09
Texan financier and cricket sponsor Sir Allen Stanford has broken his silence over allegations that he cheated investors out of £6billion.
He was close to tears as he denied running a "Ponzi" fraud scheme, saying: "It makes me madder than hell and it touches the core of my soul. I'm fighting for my survival and for my integrity."
He threatened to "punch anyone in the mouth" if they repeated allegations that he had laundered money for Mexican drug cartels. Stanford, 58, who sponsored a $20million winner take all cricket match against England, has not been seen since investigators with the US Securities and Exchange Commission closed down his companies six weeks ago.
Many of his banks in South America shut and there was a run on funds as investors clamoured to get their money. Stanford, who was given an honorary knighthood by Antigua where his business is based, had his home and fleet of six private jets seized and bank accounts frozen. Although he has not been charged with a criminal offence he said he expected to be indicted by a grand jury in the next fortnight.
In a rambling interview in the lobby of a hotel in Houston, Stanford choked back tears as he was asked about running a Ponzi scheme, a type of pyramid selling, similar to that of disgraced financier Bernie Madoff.
"I would die and go to hell if it's a Ponzi scheme," Stanford told ABC News. Stanford, once seen as a saviour of English cricket with a £70million sponsorship deal, described the allegations against him as "baloney".
He said investigators had found over £3billion in assets which had been distributed to investors. "If it's a Ponzi scheme why are they finding billions in assets," he said. Since his arrest Stanford has been accused of laundering money for a drugs cartel and is under investigation by the FBI.
He vehemently denied the allegations, calling them "bullshit". "Never, never," he said. "That is something that is so foreign to me. If someone put a gun to my head I would never do that." Stanford said that he was being targeted by the SEC. "I'm the maverick rich Texan where they can put the moose head on the wall. And that's the only reason they went after me," he said.
