Texan financier Stanford: clients lost no money

Panama’s Bank Superintendency wants to sell the local branch

STAFF

PANAMA. Sir Allen Stanford, accused of an $8bn fraud by US regulators, has insisted no money was lost by customers dealing with his companies, as clients of Panama’s branch are still waiting to get their hands on their deposits.

In an emotional interview with ABC, the Texan financier wept as he spoke about how much he loved his employees.

He later threatened to punch anyone who repeated allegations that Sir Allen was involved in the laundering of Mexican drug money.

He has already denied any wrongdoing in the case.

But the US financial regulator, the Securities and Exchange Commission (SEC), has said Sir Allen is guilty of fraud of "shocking magnitude", and criminal charges are expected to follow.

By court order, the Texan billionaire is denied access to his own money, which he said has left him with little money and few changes of clothing.

Even though in the past he has reportedly owned both a castle and an island he insists his lifestyle was always frugal.

Throughout the interview Sir Allen ran rapidly across a wide spectrum of emotion. He said that customers who have tried to recover their money from his banks have been able to do so. In one of his more dramatic moments, he said he would "die and go to hell" if his investment plans were proved to be pyramid schemes.

Meanwhile, in Panama the Bank Superintendency is assessing local and foreign interest to buy both Stanford Bank S.A. and the Stanford Casa de Valores S.A. (securities house), which would help quench demand from depositors, investors, and rs.

At the moment, the bank’s assets continue to be frozen.

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