BUSINESS
05/21/2009 05:12 am ET | Updated May 25, 2011

Allen Stanford, Alleged Fraudster, Accuses SEC Of Gestapo Tactics

HOUSTON -- As R. Allen Stanford, the Texas billionaire accused of masterminding an $8 billion Ponzi scheme, tells his side of the story, regulators are lying when they say he defrauded tens of thousands of investors. And if any of it is true, his chief financial officer is to blame, Mr. Stanford says.

Tears welling in his eyes, Mr. Stanford came out swinging in an interview Monday in his lawyer's office. He accused the Securities and Exchange Commission of squandering the assets of his financial companies and engaging in "Gestapo tactics", asserted the court-appointed receiver was "not up to the job" and accused the media of making him into a "caricature" of a maverick, unruly Texan who threw money around the Caribbean.

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