It’s really all about the fees. Criminal-defense attorney Dick DeGuerin no longer wants to represent R. Allen Stanford, because he doesn’t have assurance that Stanford will have money to pay him for future work. But Stanford’s new legal team hasn’t filed papers to substitute into Stanford’s criminal case, because they too want to be sure they will be paid.
Stanford has been in custody since June, after he pleaded not guilty to fraud and conspiracy charges related to an alleged conspiracy to defraud investors who bought about $7 billion in certificates of deposit sold through Stanford International Bank Ltd. Stanford is charged with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire??fraud; 10 counts of mail fraud and one count of conspiracy to commit money laundering. The indictment also charges him with one count of conspiracy to obstruct a U.S. Securities and Exchange Commission investigation and one count of obstruction of an SEC investigation.
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