Stanford cannot afford his own legal defense

1 04 2009

“Sir” Allen Stanford, accused of masterminding the second largest Ponzi scheme in modern times, next to the Bernard Madoff, supposedly cannot afford to pay his own legal defense, due to the seizure of his assets.    According to the Associated Press Article, Standford’s legal issues are not limited to the lawsuit filed by the SEC, he is also facing a divorce.  Stanford has asked that papers relating to the SEC investigation be sent to his divorce attorney, even though he would not be handling his SEC case.  Essentially, Stanford argues that the government cannot seize all his assets and expect him to fight an intense and complicated legal battle without being able to pay for representation.  There is precedent to set aside seized money to pay for a legal defense.  More on Ponzi Schemes later.