SEC Scores Injunction To Freeze Stanford's Assets

Law360, New York (March 12, 2009, 12:00 AM EDT) -- A federal judge has issued a preliminary injunction freezing the assets of billionaire banker Robert Allen Stanford and three of his companies that are accused of running an $8 billion Ponzi scheme.

Granting a request by the U.S. Securities and Exchange Commission, Judge David Godbey of the U.S. District Court for the Northern District of Texas issued the injunction on Thursday, saying Stanford had defaulted on the SEC's motion by failing to contest the regulator's allegations.

“The commission has demonstrated that it is necessary to continue...
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