Stanford Takes The Fifth

Allen Stanford has invoked his Fifth Amendment right to avoid incriminating himself.  So has his No. 2, James Davis.  And so has his dad.

Bloomberg: “I hereby assert my privilege against self-incrimination under the Fifth Amendment to the U.S. Constitution and decline to testify or provide an accounting, and will continue to decline to testify, provide an accounting or produce any documents” related to the accusations, Stanford said in an affidavit signed March 9.

Stanford said he wouldn’t provide any information about his personal background or assets, conduct related to the Stanford Financial Group of companies, his communications with co- defendants, or regarding any funds he received or transferred related to the CDs at the heart of the government’s allegations.

The SEC also filed a copy of a Feb. 24 deposition of James Stanford, Allen’s father, who also repeatedly invoked his Fifth Amendment right against self-incrimination. The elder Stanford, a member of Stanford International Bank’s board, refused to answer questions about the bank’s operations, its structure or the source of his son’s money.

It’s worth pointing out that innocent folks do take the Fifth from time to time, even though most people think it’s basically admitting that you’re guilty.  But, to paraphrase Bernie Madoff, there wouldn’t seem to be an innocent explanation in this case.

Why hasn’t Stanford been arrested yet, again?

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