Billionaire Texan Allen Stanford said on Monday denined he ran a Ponzi scheme, as US regulators have charged, and asserted in what may be a preview of his defense that his companies were well-run until the government seized them in February, reports Reuters. The SEC alleges the financier, two top aides and three of his companies were involved in a $8bn fraud involving high-yield certificates of deposit. Stanford, chairman and founder of Stanford Group Co and its affiliates, said he personally did not oversee the firm’s investments.

This entry was posted by Gwen Robinson on Tuesday, April 21st, 2009 at 4:50 and is filed under Capital markets, People. Tagged with Sir Allen Stanford. Edit this entry.