Allen Stanford To Take Fifth Amendment

04/11/2009 05:12 am ET | Updated May 25, 2011

Allen Stanford, the billionaire Texan accused of an $8 billion fraud by U.S. securities regulators, has refused to cooperate in the government's probe, a court filing showed on Wednesday.

The U.S. Securities and Exchange Commission has charged Stanford, two of his top aides and three of his companies with operating a long-running fraud involving high-yield certificates of deposit. He is also accused of misappropriating $1.6 billion in investor funds.

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