Allen Stanford: Court-Appointed Receiver Wasting the Co.’s Assets

Texas billionaire Allen Stanford, who expects to be indicted by a federal grand jury in the next two weeks for allegedly running a Ponzi scheme using high-yield CDs issued by his bank in Antigua, said in a statement filed in a U.S. court on Wednesday — that court-appointed receiver lawyer Ralph Janvey overseeing his financial empire is “wasting the company’s assets.”

In a pro-se filing, Stanford told U.S. Judge David Godbey that he is against Janvey’s appointment as receiver “because R. Allen Stanford believes the Receiver is wasting the assets of the Stanford entities and of R. Allen Stanford, rather than preserving them.”

In court papers filed two days ago, Janvey said he has released 28,000 accounts, or 80% of the Stanford accounts, and allowing investors to intervene in the case will be disruptive. [via CNNMoney]

• Become A Funded Futures Trader