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Stanford, fellow exec take the 5th

March 12, 2009|Times Wire Reports

Texas billionaire R. Allen Stanford and one of his top executives have asserted their 5th Amendment right against self-incrimination in the federal government's fraud case against them and Stanford's companies, according to court documents.

Stanford said he would "decline to testify, provide an accounting or produce any documents" related to the Securities and Exchange Commission's civil case, which accuses him of running a "massive Ponzi scheme."

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