Sir Allen Stanford's Suit Against Sec Attorneys Is Dismissed
According to Bloomberg, R. Allen Stanford, the indicted financier, dropped his lawsuit against the U.S. Justice Department and Securities and Exchange Commission (SEC) lawyers in which he claimed "abusive" law enforcement. Judge Ewing Werlein in Houston, Texas granted a request by a Stanford Financial attorney to dismiss the case seeking $7.2 million in damages. Ironically the suit and damages sought was almost exactly the amount of money the SEC had accused the Stanford Financial Group chief of bilking from investors in an investment fraud scheme.
Sir Allen turned 61 on March 24, 2011 and is being held without bail pending the outcome of his criminal trial and is undergoing treatment for a prescription drug addiction in the Federal Medical Center at the Butner Federal Correctional Complex in North Carolina.