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Stanford Fights Receiver's Bid To Sell Assets

Law360 (June 9, 2009, 12:00 AM EDT) -- Billionaire Texas banker Robert Allen Stanford, who is accused of running a $8 billion Ponzi scheme, has urged a court to block a receiver's bid to sell some of his assets before the case against him has been resolved.

Stanford and three companies he controls filed an objection to the receiver's motion on Monday in the U.S. District Court for the Northern District of Texas, arguing that there was no justification for the plan to sell his property at this stage in the proceedings.

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