Stanford fighting SEC fines

Convicted Ponzi-scheme operator R. Allen Stanford, who continues to protest what he says was an unfair criminal trial, is now fighting the government’s quest to squeeze billions of dollars in penalties out of him in a related civil lawsuit.

Stanford, currently serving a 110-year prison sentence, this week filed an objection to the Securities and Exchange Commission’s bid to impose billions of dollars in monetary penalties against him and several other defendants in a civil securities fraud lawsuit. He was convicted last year of criminal charges that he defrauded investors out of about $7 billion.

In court papers, the SEC argues that Stanford’s criminal conviction validates the similar claims it makes in its civil suit. The agency says Stanford, two of his businesses and one of his former associates should, at a minimum, face a penalty of $5.9 billion — the amount that federal prosecutors have ordered Stanford to forfeit in the criminal proceeding.

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