Stanford Denies Defrauding or Swindling Anyone

Allen Stanford, the billionaire Texan accused of masterminding an $8 billion Ponzi scheme, told CNBC on Monday he did not run a Ponzi scheme: “I have never done anything to defraud or swindle anyone,” he said.

Stanford tells CNBC’s Scott Cohn his side of the story.

On Feb. 17, the Securities and Exchange Commission started taking control Stanford’s business empire, including the Houston-based brokerage Stanford Financial Group and Antigua-based Stanford International Bank, after alleging the financier, two top aides and three of his companies were involved in a $8 billion fraud involving high-yield certificates of deposit.

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