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3/11/09

Allen Stanford on 20% commission


That's what "taking the 5th" means, right?

Right?

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Billionaire Stanford to take the 5th

DALLAS (AP) -- Texas billionaire R. Allen Stanford and one of his top officials have asserted their Fifth Amendment right against self-incrimination in the federal government's fraud case against them and Stanford's companies, according to court documents filed Wednesday.

Stanford said he will "decline to testify, provide an accounting or produce any documents" related to the Securities and Exchange Commission's civil case, which accuses him of running a "massive Ponzi scheme."

Finance chief James M. Davis, using similar language, also asserted his right not to incriminate himself.

The documents were filed Wednesday in federal district court in Dallas, a day before a hearing in which the SEC is expected to make a case for an injunction yada yada continues here