One in jail, next Stanford

[malaise]

http://www.chron.com/disp/story.mpl/ap/business/6307735.html

<snip>
Judge releases more accounts in Stanford case
A federal judge Thursday approved a request that could release more than $4 billion in previously frozen funds to investors in the troubled companies owned by Texas billionaire R. Allen Stanford.

During a 10-minute hearing, U.S. District Judge David C. Godbey granted a motion from the court-appointed receiver to release accounts greater than $250,000 held by two brokerage firms and not containing proceeds from the certificates of deposit that are at the heart of a civil suit filed against Stanford by the Securities and Exchange Commission.

The motion, submitted by an attorney for the receiver, stated that 16,000 accounts containing assets of $4.1 billion would be released, leaving another 4,000 with assets of $1.8 billion frozen. Previously, Godbey had granted a motion releasing accounts with assets of less than $250,000.

The SEC complaint, filed Feb. 17, alleges a massive fraud surrounding CDs issued by Stanford National Bank, part of Stanford's Houston-based financial empire. Earlier this week, Stanford asserted his Fifth Amendment right against self-incrimination when asked to testify before the SEC.