Stanford sues FBI, SEC and US prosecutors

(Bloomberg): The indicted financier, R. Allen Stanford has sued US prosecutors and agents of the FBI and Securities and Exchange Commission, accusing them of “abusive law enforcement” and seeking $7.2 billion in damages. Stanford, who has been held without bail since being indicted in 2009, filed the lawsuit late yesterday at the US courthouse in Houston. He is accused of leading a $7 billion securities fraud scheme and has pleaded not guilty. “Mr. Stanford contends the named and unknown agents undertook illegal tactics to prosecute Mr. Stanford, starting with a civil prosecution by the SEC,” according to the complaint. The SEC sued him two years ago today.

The Texas financier alleges the federal government has used more than $51 million of his own assets to pursue the cases against him. “The agents have engaged in unfair, abusive law- enforcement methods and tactics,” he alleged.

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