The legal team which could represent alleged $8 billion Ponzi scheme fraudster Allen Stanford is being assembled, a Houston attorney says, despite Stanford’s inability to pay because of the government’s freeze on his assets.
“Right now, I’m proceeding as his lawyer and I’m trying to put together a team that will address all the problems he faces,” Texas criminal attorney Dick DeGuerin said on Thursday, according to Reuters.
Stanford has not been accused of criminal acts so far. The Securities & Exchange Commission has accused him with civil charges.
DeGuerin has not yet been retained as Stanford’s attorney of record due to the inability to pay, the report states. The attorney says he will as the U.S. District Court in Dallas to free up some funds to pay lawyers.
Stanford briefly visited Houston, from Virginia, where he is staying. He is accused of an $8 billion Ponzi scheme fraud.